For them, the Chinese current account surplus and its mirror image, the US current account deficit, are the central problem.

These countries combined current account deficit matches Germany s surplus almost exactly. (The eurozone s aggregate current account with the rest of the world is balanced.)

As these countries posted current account deficits, northern European countries accumulated current account surpluses, exposing a widening competitiveness gap.

In Spain, the counterpart to the current account deficit was private sector borrowing.

Much is made of Germany s large current account surpluses.

What makes this perverse is that Germany runs a huge current account surplus.

They argue that current account balances reflect national savings and investment rates.

Germany had a current account surplus of 2.1 of GDP at the time, while Japan s was 4.4 .

Germany now has a current account surplus of about 215 billion a year, while the rest of the eurozone is running a current account deficit of about 140 billion.

An increase in gold imports placed further pressure on the current account balance.

The current account deficit has been almost eliminated, and the banking crisis contained.

The counterargument hinges on the difference between the current account deficit and the trade deficit.

An economy s current account is the difference between its investment rate and its savings rate.

Since a country s current account surplus is the difference between its national saving and its national investment, China s current account surplus is likely to continue to shrink in the coming years.

Third, the net flow of capital is from emerging markets to the US this is what it means to have current account surpluses in emerging markets and a deficit in the US.

The world s current account balances must ultimately sum up to zero.

For a few years, imports surged, and by 1995 a sizeable current account deficit had developed.

Since the Vietnam War, US budget deficits, money creation, and current account deficits have often been high.

And with that lower saving rate will come a smaller current account surplus.

The problem of current account imbalances is closely linked to the existence of a world savings glut.

The US current account deficit has been narrowing in recent quarters, thanks to export growth.

SINGAPORE These days everyone seems to want to run a current account surplus.

Not surprisingly, those economies with current account deficits are feeling the heat first.

Delay has made current account rebalancing via RMB appreciation costly.

In geography and fluvial geomorphology, a thalweg or talweg () is the line of lowest elevation within a valley or watercourse.

Thus, in order to keep the current account deficit stable, the trade deficit must shrink.

Germany s enormous current account surplus aggravates their problems further.

On top of this is the almost certain unwinding of global current account imbalances.

The second reason is that nothing has been done to address the problem of current account imbalances.

The effect is greater when modest deficit and debt levels are exceeded and current account deficits are large.

Perhaps the most notable consequence of Spain s recent reform efforts is its current account surplus the country s first in more than two decades. At the peak of the crisis, Spain s current account deficit amounted to an unprecedented 10 of GDP.

The US unemployment rate has declined to around 7.7 and the current account deficit is close to 500 billion, while eurozone unemployment is at a record high, near 12 , and the current account shows a surplus approaching 100 billion.

Much of this rise stems from growing prosperity and current account surpluses in middle income countries.

The US alone ran a current account deficit of 739 billion (5.3 of its GDP).

But the reverse is also true as soon as the current account swings to surplus, the pressure from financial markets abates.

Countries with large current account deficits (such as Turkey) will remain hostage to skittish market sentiment.

The resources of the Special Account amounts shall be at least 20 times the annual administrative account derived from sources indicated in paragraph 2 under the coordination of the host country.

That will have a very significant effect in terms of reducing the current account surplus, which reflects net national savings.

Rwanda s current account has deteriorated steadily, with the deficit now exceeding 10 of GDP.

After all, America s still large current account deficit guarantees that the dollar will continue to fall.

The United States' current account deficit reached 5.7 of GDP in the second quarter of 2004.

Since the Plan s introduction, China s current account surplus as a share of GDP has indeed fallen.

Italy, Spain, and France all have current account deficits equal to 2 or more of their GDP.

And, indeed, the euro should appreciate, because the eurozone as a whole is now running a large current account surplus.

The ensuing loss of competitiveness manifested itself in large and growing current account deficits and slowing growth.