For example, wealthto-income ratios have risen since 1996 by 14 percent in France, 12 percent in Italy, and 27 percent in the United Kingdom; each of these countries has seen their current account move toward deficit, as 10 already noted. By contrast, wealth-to-income ratios in Germany and Japan have remained flat.
In the United States, the Federal Reserve has already set out a plan to suspend or scale back some of its facilities such as purchases of long-term government bonds and the Term Auction Facility (TAF), which is a tool to supply longer-term liquidity.