The problem of U .S current account deficit is related to the issue of serious global imbalances . Adjustment in these imbalances will in all circumstances require both a significant rebalancing of demand across countries , and a further substantial depreciation of the U .S . dollar and appreciations in surplus countries . Apart from the major concern of global imbalances , two more issues emerge as particularly weak points that pose grave danger to sustainability of global economic growth : vulnerable emerging markets and volatile...











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