1. National accounting rules dictate that a national government surplus equals a non-government deficit (and vice-versa). If a national government successfully achieves a fiscal surplus through an austerity program then the private domestic sector must be spending more than it is earning.

2. The relentless push by neo-liberals to suppress real wages growth has ensured the share of national income going to profits has expanded over the last 30 years in many nations.

3. It might be argued that the strength of the German trade sector has kept the value of the euro at elevated levels against many of the key currencies and this has significantly reduced the international competitiveness of its higher per unit cost Eurozone partners. However, export competitiveness in those other Eurozone nations, such as Greece, would be increased if local workers accept cuts in nominal wages and their inflation rates are contained.