*  *  Introduction: two “once-in-a-century” crises just three years apart  Let me begin by thanking the Institute of International Bankers for inviting me to join the leading international bankers today. I am delighted and honored to have the opportunity to deliver this speech at the 2012 Annual Washington Conference.
In particular, the current account surplus to GDP ratio remains high in Austria (around 2 percent), Germany (around 5 percent), and the Netherlands (over 7.5 percent). This enables these core countries to further accumulate their net external assets.