Germany's current account surpluses spill over to the whole world, not just the Eurozone but nonetheless they are a threat to the Eurozone economy -- or perhaps rather they reflect underlying problems which themselves pose a serious threat. Viewed macroeconomically, they reflect insufficient spending in an economy with fiscal space, at a time when there is a chronic lack of demand in the Eurozone and global economies. Viewed through the lens of exports minus imports, they reflect an undervalued currency which is exporting unemployment to neighbours such as France. If this continues indefinitely that has to pose a political threat to the survival of the Eurozone.