Frank Steinmeier is the German Foreign Minister. We have a certain problem on our hands if this is the level of his understanding of matters economic:
Nevertheless, Germany stands to lose more than any other country from any protectionist-minded retreat from globalisation. In the first six months of 2007 alone, the value of German exports nearly passed €500bn.
Look, exports are a cost to an economy, not a benefit. The benefit from trade comes from the imports, not the exports. If we approach all of this globalisation stuff from the wrong end then of course we\’re going to mess it all up.
Imports are what we want, they\’re the things that make us richer. Exports are simply the costs that we bear in order to gain the imports.