So it seems to me that rather than fretting about the current account deficit per se, it is more sensible to focus on the underlying imbalances in the economy.
If public risk-sharing, for example, is to become a permanent feature, the roles of the European Parliament, the European Commission and the Council would have to be reviewed. These are constitutional issues that would – if we were to go down this road – require a rethink of the fundamental structure of the EU and would ultimately need to be reflected in the Treaty.