Press ahead with reform efforts  Ladies and gentlemen It is crucial that we maintain the euro area as a union of stability. If the crisis countries fail to rectify the imbalances that have emerged, the euro area will remain vulnerable to crises.
Our calculations suggest that reducing current account deficits to no more than about 5 percent of GDP on average is necessary to stabilise the Net Investment Position as a share of GDP, while reducing that share over time would require lower deficits to be run.