In the aggregate, the shift from deficit to surplus in the current account of the emergingmarket world over this period largely reflected increased saving as a share of output rather than a decline in the rate of capital investment. However, changes in saving and investment patterns varied by countries and regions.
The Heads of State or Government have therefore embarked on reforms of euro area governance, including, for instance, the fiscal framework governing Member States’ fiscal policies with a view to enhancing fiscal discipline.