That is, since the 2000s, Japan's trade balance has been more or less in equilibrium while the current account has continued to register a large surplus, the bulk of which is attributable to outward investment income (Chart 12). This trend has continued despite the drastic downturn in economic activity brought about by the spread of COVID-19.
Measures at the European level But as I said in my introduction, a strategy to restore confidence must strike the right balance between national and European responsibilities, and there are also important steps to be taken at the European level. The most pressing is addressing the institutional design of EMU.