International Payments Imbalances and the Prospective Role of the Euro

Andrea Terzi

Chapter 13 in Euroland and the World Economy, 2007, pp 288-303 from Palgrave Macmillan

Abstract: Abstract The term ‘global imbalances’ has recently come to describe the latest formation of increasingly large disparities in the balance of the international current accounts of the main world regions, notably the United States and Asia. Considered a warning signal of international financial instability, it is also being seen as a symptom of current world asymmetries in policy regimes and growth rates. Addressing the problem should thus aim at setting world growth on more solid ground, and begin to tackle the true global imbalances of today’s world.1 In this global scenario, the single currency area in Europe (or Euroland) is a new player. How does the euro economy navigate in the midst of international payments imbalances? And what can Euroland do to contribute to correct global payments imbalances in such a way as to play a role within the broader scope to rebalance the course of world economic development?

Keywords: Current Account; Euro Area; Current Account Deficit; Current Account Balance; Global Currency (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37755-4_14

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DOI: 10.1057/9780230377554_14

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