Europe has been running strong balance of payments surpluses for years, while the United States has a huge deficit.

In other words, it is the US that spends more within its own territory than it produces, while Europe does exactly the opposite, accumulating its savings in the rest of the world (notably, in the US).

Over the last 15 years, the average annual surplus has reached 2% of Europe's gross domestic product (GDP), which has not been seen for over a century. 

Thomas Piketty Le Monde 22 March 2025

https://www.lemonde.fr/en/opinion/article/2025/03/15/thomas-piketty-rather-than-austerity-europe-needs-investment_6739170_23.html

Weakening the dollar is a good idea

https://englundmacro.blogspot.com/2024/10/weakening-dollar-is-good-idea.html

Trump’s game plan for devaluing the mighty dollar

https://englundmacro.blogspot.com/2025/03/trumps-game-plan-for-devaluing-mighty.html