Publication

Although the crisis was not triggered by a sudden capital outflow from current account deficit countries, such as the US, the deep roots of global imbalances and the crisis coincide to a large extent. Bruegel Director Jean Pisani-Ferry and Research Fellow Zolt Darvas examine the role of global imbalances to the crisis and explain how changes in the international monetary system can mitigate global imbalances.

This document was requested by the European Parliament's Committee on Economic and Monetary Affairs.