U.S.-led appeals to the euro zone to stimulate economic growth and create jobs are turning out to be, well, empty talk. There is no collective effort of that kind that the single currency bloc can – or is able to – undertake. And while the one country that could make a difference is Germany, it is unlikely to make a meaningful contribution to the region's overall economic recovery.
The question remains: why is the U.S. so coy about telling Germany that its huge trade surplus (i.e., excess savings) of 7 percent of gross domestic product (GDP) is not a good idea at a time when nearly three-quarters of Washington's other euro zone trading partners are in recession, battling rising poverty, experiencing evisceration of essential public services and struggling with a politically intolerable mass unemployment of 19.2 million people (12.2 percent of the labor force), of which 3.5 million are young people under the age of 25?
(Read More: Lew to Europe: Focus on growth and jobs)
After all, the IMF's Managing Director Christine Lagarde dared to say much more at the height of the euro zone's financial crisis, when she was still serving as the French finance minister. She faulted Germany for structural problems in the monetary union because it was "getting rich off exports to the rest of Europe." She reiterated the same criticism while visiting Germany in the early months of her IMF mandate.
Another U.N. agency expressed the same view. In its 2012 annual report, the U.N.'s International Labor Office (ILO) singled out Germany's export-led growth strategy as one of the underlying structural causes of euro area's problems.
These two examples show that there is nothing new, or unprecedented, about calling out Germany's failure to coordinate its economic policies within the euro area – an essential step in ensuring the viability of the monetary union among sovereign nation states.
(Read More: Germany to blame for euro zone crisis: Study)
And Washington does not have to stretch and strain the argument about Germany's moral obligation to reduce its huge excess savings of 190 billion euros ($240 billion) by stimulating domestic demand so that its hard-pressed euro partners can sell something to pull themselves out of the hole. With inflation under control, balanced public sector accounts, large trade surpluses and a stagnant economy, Germany is a textbook case of a country that should vigorously expand its domestic spending.