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Dans la zone euro, le solde est positif (+280 milliards en 2019) avec une tendance à la stabilisation. Les déficits des grandes puissances comme la France étaient compensés avant 2015 par les excédents allemands mais aussi par ceux de petits pays (Pays-Bas, Danemark, Croatie). Or les excédents de ces petits pays sont le résultat d'une extrême faiblesse de la demande

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