Most of the facts recitation, charts and discussion are unsurprising because they've already been discussed ad nauseam in lots of print and discussion sources. The stage is set by this factual recitation. The euro area current account was close to balance in 2009-2011, and it increased to a surplus of 2.3% of GDP in the first half of 2013.
The report also notes, "On a real effective basis, the euro appreciated by 2.7 percent in the first
half of 2013 and by a further 0.6 percent in the third quarter of 2013." Keep this in mind.The report continues,
"The euro area economy expanded by 1.2 percent, on a seasonally adjusted, annualized basis (saar), in the second quarter of 2013, marking the first expansion of economic activity in the euro area in seven quarters. Expansion was supported by domestic demand growth in Germany - though growth in Germany still continues to rely on positive net exports, which continues to delay the euro area’s external adjustment process – and on domestic demand in France."