[neilwilson]

There's a serious category mistake in this analysis.

Germany is not really a separate country. It is a state in a union called the Eurozone, and controlled by a constitution called the Treaty of the European Union.

You cannot compare a currency zone such as the USA to Germany - a state in a currency zone.

Germany drains demand from the rest of the Eurozone to maintain its employment level. The unemployment arises in Greece, Spain, et al instead.

If you look at the near fully employed state areas in the USA and draw a line around them, then compare those with Germany you'll get a better idea.

Within the US there is an 'export boom' from California and New York to the rest of the union. Similarly in the UK from London to the rest of the country.

It's time for economic analysis to catch up with monetary theory. Floating rate currency zones matter.