As I’ve already indicated, a good starting point would be a change of direction in US fiscal policy, shifting away from its expansionary track.
4/8  BIS central bankers' speeches  Indeed, simulation exercises conducted by the Bundesbank reveal that the tax cuts passed in the United States will probably push up government debt and the current account deficit considerably.4  6 The danger of protectionism I would like to warn against thinking of tariffs as a cure for the current account deficit.