Europe's Currency Manipulation by Stefan Kawalec

``The economy with the biggest current-account surplus today is not China; it is the eurozone. In fact, at more than $300billion, the eurozone's current-account surplus for 2014 was about 50% larger than China's... An unsolvable problem for the ECB is that the euro remains too strong for the depressed southern countries and too weak for Germany. While allowing it to appreciate would help to reduce the current-account surplus, it would also exacerbate the economic distress in the depressed southern countries...''