Singapore ran a current account deficit averaging 10 per cent of GDP for 20 years from 1965 to 1985, while Canada ran a deficit which exceeded 5 per cent of GDP for most of the 43 years from 1870 to 1913. But what about the recent lessons of Asia?
But I believe that the policy responses taken here and by our international partners, together with the underlying vitality and resilience of the American economy, will help to restore confidence to our financial system and place our economy back on the path to vigorous growth. BIS Review 150/2008  7