22 In an essay dedicated to Einaudi, Ciampi recalled the origins of that tradition in the important analytical work carried out by Menichella and the Bank, which contributed to the success of the 1947 stabilization measures. 18  19 20  21  22  ‘1981: emergenza economica e nuove vie per il risanamento’, in Scritti nella Nuova Antologia, vol. 1, pp. 69-73.
But now, the economic structures of the deficit countries have adapted to the inflow of resources from abroad, and their internationally competitive sectors are smaller than they should be. The high saving rates in major surplus economies are largely driven broadly by two key factors.