  European Monetary Union continues to be characterised by significant
macroeconomic imbalances. Germany has shown increasing current account
surpluses at the expense of the other member states (especially the European
periphery). Since the creation of a single currency has implied the
impossibility of implementing competitive devaluations, trade imbalances within
a monetary union can be considered unfair behaviour. We have modelled Eurozone
trade flows in goods through a weighted network from 1995 to 2019. To the best
of our knowledge, this is the first work that applies this methodology to this
kind of data. Network analysis has allowed us to estimate a series of important
centrality measures. A polarisation phenomenon emerges in relation to the
growth of German dominance. The common currency has then not been capable to
remove trade asymmetry, increasing the distance between surplus and deficit
countries. This situation should be addressed with expansionary policies on the
demand side at national and supranational level.
