In this situation, the recovery during the past few years in these economies -- the United States and Europe in particular -- has been led largely by an acceleration in household expenditures amid a lack of momentum in corporate expenditures (Chart 5). Fortunately, there have been signs of improvement recently.
For example, the  6/7  increasing integration of global capital markets has facilitated the investment of the current high volume of world savings in dollar assets. The result has been lower interest rates here along with a stronger dollar, as well as a larger U.S. current account deficit than probably could have been sustained fifteen or twenty years ago.