It is worth underscoring that even if authorities around the world aggressively undertake structural reforms that ameliorate current global imbalances, these actions will not preclude the emergence of large current account surpluses and deficits in the future. But the emergence of such imbalances should not necessarily be worrisome.
As I noted earlier, in a world where different economies are periodically buffeted by different types of shocks, some of which may be quite persistent, cross-country dispersion in external balances is a perfectly natural way of smoothing the effects of these shocks over time.