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" ... Every six months the Treasury issues an analysis of whether countries are using their currencies to gain a competitive advantage over U.S. exports. This report harrumphed that Germany was guilty of relying on exports for most of its growth and that this was hurting its neighbors and, indeed, the whole world. "Germany's anemic pace of domestic-demand growth and dependence on exports have hampered rebalancing at a time when many other euro countries have been under severe pressure to curb demand and compress imports to promote adjustment. The net result has been a deflationary bias for the euro area as well as for the world economy." ... "