Open questions  Whatever the shape of the future system, an urgent task – one to address as soon as the economic situation improves – is correcting existing imbalances. The fundamental macroeconomic imbalances that lay at the root of the financial crisis are not being righted by the consequent global recession.
At present, the rise in US private sector saving and the sharp fall in investment, partly offset by a larger public sector deficit, appear to have narrowed the US current account deficit from 5.3% of GDP in 2007 to 2.8% in 20092010, as projected by the IMF.