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.
It is difficult to predict how this cost will be divided: depending on the evolution of market conditions, it could fall on the terms and conditions offered to depositors and borrowers, profits distributed or resources allocated to reserves.