Like Catherine Mann (2005) has rightly argued: “that no other country faces as significant a quantitative change to their trade balance as the United States should not imply ease of adjustment.
In fact, just the opposite could be the case as each country, facing the policy choices and structural challenges to reorienting demand, production, and financing, could argue that someone else should go first.” However, in my view the European role in facilitating the adjustment process is clearly more modest than the tasks for the other players, especially for the US itself.