At the same time, real long-term interest rates, measured on a similar basis, have reached a level of 3.0%, which is around 110 basis points lower than in early 1998. These levels are very low, both in comparison with other countries and with historical data for the euro area.
If we look at the history of the current account since the early 1980s (Diagram 1), it is apparent that the deficit has varied between about 3 1/2 per cent and 6 1/2 per cent of GDP, with an average of 4 3/4 per cent.