The gross capital flows do not necessarily correspond to the savings-investment balances at a national and regional level. In fact, it was euro area banks that strikingly expanded cross-border lending, while the euro area as a whole did not register a current account surplus.
International coordination: assessment on the current crisis responses To the extent that a crisis becomes increasingly globalized, greater cooperation among policymakers will be called for. How should policy responses so far be assessed from the viewpoint of international coordination? I will start with positive developments.