This is why German political elites won't change their unreasonable stance towards the Periphery. And until that capital account starts shrinking dramatically, things are not likely to change.
Also, the European Commission Macroeconmic Imbalance Procedure states that ALL COUNTRIES have to meet the following constraints: a) The three-year average of the current account balance as a percentage of GDP should remain within the boundaries of -4% and +6%. b) Private sector debt as a percentage of GDP should be less than 133%. c) Private sector credit flow as a percentage of GDP, consolidated, should be less than 14% of GDP d) General Government Sector Debt as a percentage of GDP should be less than 60%. We clearly see that there's a double-standard.
Someone asked the EC on this issue. And the answer was: "the indicators and the thresholds should not be read in a mechanical way." They're psychopaths anyway, so hypocrisy is built into their thinking & speech. For more on this, read this great piece http://chartalismo.blogspot.ro/2015/02/respuesta-de-la-comision-europea.html