Secondly, a failure could threaten the very process of rebalancing of the global economy in which the international community is engaged. 3.
But more will need to be done in Europe as well as in the United States to ensure that our economies are sufficiently resilient to respond effectively to all the shocks and adjustments that the future will surely bring. 3  Caroline Freund (2000), “Current Account Adjustment in Industrialized Countries,” Board of Governors of the Federal Reserve System, International Finance Discussion Paper No.