East Franks are very powefrful early on, akin to the ERE in SS. However with the scripted 5000 or more bonus gold just for walking in a city, nevermind sacking it, anyone can make money. And ports and sea trade still rule the income. Even more so with extra buildings provided (albeit at a hefty 6000 price).
I'd probably go for Denmark and make your life hell if you are the EFE :D
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