Postavení Německa v eurozóně z hlediska vnější ekonomické rovnováhy

The objective of this thesis is to analyse the current account imbalances within the European monetary union focusing on the position of the Federal Republic of Germany, to explain the causes of the deepening of European imbalances in the context of the introduction of the single European currency and subsequently to evaluate their connection with current Euro area problems. Firstly, the thesis defines basic terms and relations regarding the balance of payments and particularly its current account. Then, it deals with the evolution of current account balances of Euro area member states after the launch of euro and it focuses on what caused the deepening of external economic imbalances within the European monetary union and the loss of competitiveness of some of its members in this period. Finally, the thesis analyses the position of Germany in the Euro area in the context of the European imbalances and the Euro area debt crisis and focuses on the position of the German Bundesbank within the TARGET2 system.