The availability of low priced consumer goods and services from EMEs was worldwide. Yet, it can be observed that the Euro area as a whole did not exhibit large current account deficits throughout the current decade. In fact, it exhibited a surplus except for a minor deficit in 2008.
Either way, it will take time for these changes to prove themselves to be either permanent fixtures or temporary features. Research will play a key role as we try to answer important questions. New data will help us analyze the changes to the economy, and research will assemble the pieces of the puzzle that show the bigger picture.