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Yes! Why does the eurozone need negative interest rates now despite a large external surplus, when pre-crisis it seemed able to achieve full employment much more easily? Rough estimate suggests that the German move toward austerity is around 1/2 the story 1/
The other half is the enduring effects of the euro crisis -- burst Spanish housing bubble, forced austerity in S. Europe, etc. But Germany's unforced fiscal tightening is key – also to why Europe more fragile than US 2/
Combine that with the disastrous political effects of UK austerity, also unforced (no austerity, no Brexit); the Very Serious People of Europe basically destroyed it 3/
