Global imbalances: a job for the G20?

Roger A. Fischer
Excessive imbalances between countries’ current accounts are significant for two very different reasons. First, they are objects of contention between the Group of Twenty (G20) countries, which use imbalances to try to force other countries to change their policies, and even to justify unilateral trade measures – thus making it harder for G20 members to reach consensus on other important issues. Second, imbalances are not always based on sound economic reasoning and excessive imbalances signal...
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