For example, in the global imbalances debate, it is often noted that Europe has a current account position that is close to zero. This is true, but it masks large divergences between current account positions within the euro area, which are symptomatic of the problems manifesting themselves now. Secondly, there is nothing intrinsically optimal about zero.
It may well be the case that the appropriate balance for Europe is not zero but distortions of one form or another have delivered such an outcome. If that were the case (and I am not arguing that it necessarily is), then Europe would be contributing to global “imbalances” as much as those with large current account positions.