Where structural fiscal balance is absent, it should be achieved; where it is present, it should be maintained. There are some real problems on this front in the United States, in Europe, in Japan, and in some developing countries.
A multiple-front approach like this, that works to remove the impediments arising from existing national policies, would certainly go a long way towards allowing market-based mechanisms to resolve global imbalances in an orderly way. However, I doubt that this approach by itself would do the whole job, if real exchange rates are not allowed to adjust in a timely manner.