remarks on global imbalances dietrich domanski head of macroeconomic monitoring bank for international settlements prepared world economic forum reinventing bretton woods committee savings and investments patterns the changing structure economy adelaide australia march 18 19 2006 introduction current account have reached unprecedented levels combined position countries with external payment deficits exceeded 1 trillion in 2005 equivalent to almost 2 gdp debate has elicited a wide range hypotheses causes different views about likely adjustment scenarios this note aims at providing framework discussion prospects rebalancing by reviewing broad trends balances past three years it also discusses role various mechanisms juncture how did we get where are now since 2002 annual deficit doubled dollar terms graph largest single contributor remains united states its 800 billion or 6 us other advanced economies aggregate recorded
