But the change in net claims on a country, excluding currency valuation changes and capital gains and losses, is essentially the current account balance. Of necessity, of course, the consolidated world current account balance remains at zero. Theoretically, if external assets and liabilities were always equal, implying a current account in balance, the ratio of liabilities to GDP could grow without limit.
Of course, the regulatory framework for convergence has to be right, and the FSAP along with its follow-up and the Lamfalussy procedure certainly have a helpful role to play here. But the market participants will definitely themselves find the right speed and identify the appropriate areas for action and the methods to be used.