Key elements of the strategy towards orderly resolution of the global imbalance suggested in the Communiqué are as follows: •  Raising national saving in the United States - with measures to reduce the budget deficit and spur private saving;  •  Implementing structural reforms to sustain growth potential and boost domestic demand in the euro area and several other countries;  •  Further structural reforms, including fiscal consolidation, in Japan;  •  Allowing greater exchange rate flexibility in a number of surplus countries in emerging Asia; and,  •  Promoting efficient absorption of higher oil revenues in oil-exporting countries with strong macroeconomic policies.
In the light of the above, the adjustments that are generally advocated in the individual economies and regions may be summarized as follows: i. A major challenge for US authorities could be to seek policies that balance between measures to boost personal saving coupled with measures to cut consumption.