The silent losers of Germany’s export surpluses. How current account imbalances are exacerbated by the misrepresentation of their domestic costs

Abstract Germany’s excessive current account surpluses mirror domestic problems. They are rooted in inequality and a weak home market, creating an overdependence on exports. Why, then, policymakers so reluctant to reduce them? This paper argues that contributing factor is the public misrepresentation of surpluses’ costs. Imbalances narrated as distributional conflicts between countries, not within them; bilateral trade framed competition, where surplus countries win. The analysis reconstructs stakeholders’ positions discursive strategies through media narratives Bundestag debates, using original dataset statements. It finds evidence for systematic bias disregarding losers surpluses. Whenever imbalances discussed, triggering event outside criticism, mainly from European Commission US. ensuing debate follows ‘us versus them’ logic, foreign critics clash with defenders—mainly government export-sector organisations. success narrative identitarian discourse about ‘export nation’ limits left-wing actors’ room move beyond incremental criticism. effect integration exacerbating imbalances. Germans fend off by arena-shifting strategy: pointing out exchange rates European-level prerogatives, internal policy levers rebalancing.