Second, increased capital mobility is making it possible to finance ever larger current account deficits, and, indeed, these deficits have grown in recent years relative to the size of the global economy. Finally, in the aggregate, we see that capital has been flowing, on net, from emergingmarket economies to industrial countries in recent years, the reverse of the pattern in previous decades.
Jean-Claude Trichet: A paradigm change for the global financial system Remarks by Mr Jean-Claude Trichet, President of the European Central Bank, at the International Colloquium “Nouveau Monde, Nouveau Capitalisme” roundtable, Paris, 9 January 2009. *  *  *  Ladies and gentlemen, The current crisis stands out because it is affecting the heart of the global financial system.