In addition, an open question is whether the decentralisation of the European financial system will impose significant efficiency costs. An important factor facilitating the decentralisation of activity within the EU27 is the commitment to regulatory and supervisory convergence, such that firms can be confident of a regulatory level playing field across the EU27.
So it seems to me that rather than fretting about the current account deficit per se, it is more sensible to focus on the underlying imbalances in the economy.