This can, in turn, be linked to the increased complexity of the corporate structures of MNEs, as I just mentioned. Chart 7 Evolution of external assets (percentages of world GDP)  Sources: External Wealth of Nations database (Lane and Milesi-Ferretti) and ECB staff calculations.
Looking back, during the so-called “great moderation” in the 2000s,imbalances in many aspects had been built up and spread, both externally and internally. Globally, the external imbalances between countries running current account surpluses and those running current account deficits worsened.