This is partly because foreign consumers benefit from the decline in the prices of the goods produced in the euro area. One way to look at the results of the study is to consider what they tell us about the possible future adjustment of the U.S. current account.
This was often the result of economic shocks, distributional or intergenerational problems as well as regional divergences. An unduly high stock of debt typically steers debt-service payments for both current and future budgets until debt levels are substantially reduced.