Data released by Eurostat (October 20, 2016) – EU28 current account surplus €13.5 bn – shows that the EU28 ran a significant current account surplus in August 2016 following a surplus of €11.3 billion in July. The August result is up €5.3 billion on August 2015. Net trade in goods and in services is more or less equally balanced. The stunning result is that the German current account surplus in August 2016 was €17.87 billion up from €14.43 billion in August 2015., while the next largest Eurozone Member State surplus was Italy at €3.37 billion. Germany is also running a fiscal surplus of around 1.2 per cent of GDP at present, which means the private domestic sector is saving massive amounts, which, in turn, not only results in subdued demand within Germany (and low growth) but also reduces import spending. In turn, this reduces growth in other nations. The stunning fact is that the European Commission is doing nothing about this massive imbalance despite Germany being in serial contravention of the rules relating to macroeconomic imbalances. The Brussels jackboot is quick to kick Greece but stays well away from sanctioning Germany, even though the German behaviour is much more deleterious to the viability of the common currency.