In other words: external imbalances are a reflection of internal imbalances. Does this mean that countries or economic areas which are broadly in external equilibrium, such as the euro area, have nothing to contribute to the adjustment of these imbalances? Some people would say: if you are not part of the solution, then you are part of the problem.
Let me briefly discuss what we believe can be the euro area’s contribution to the adjustment of global imbalances. This view is consistent with the agreed G7 policy strategy aimed at achieving a turnaround in the path of global imbalances.