It has become 'people in glass houses shouldn't throw stones' global (and EU) economics (& politics & policies)!
Quote from Bernake's speech at ECB obviously does not refer only to China but FRG as well (among others):
"For large, systemically important countries with persistent current account surpluses, the pursuit of export-led growth cannot ultimately succeed if the implications of that strategy for global growth and stability are not taken into account, ...."
IMO this analogically also applies to EU Single Market & Eurozone context as well: the implications of that strategy (by FRG) on stability of systemics with the EU Single Market and the Eurozone.
Of course if one can blame FRG over-exporting for SM & Eurozone imbalances, same can be said for low corporate tax regimes and other practices by other member states of the EU.
And if US authorities can be blamed re US subprime "manufacturing", European & others can also be for allowing over-purchase of those "products"!
Other analogies come to mind as well!e "manufacturing", European & others for allowing over-purchase of those "products"
So, IMO, it has become 'people in glass houses shouldn't throw stones' global (and EU) economics (& politics & policies)!
And the key governing dynamics: Oxymora!