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European current account surpluses: a cause for concern?

While the challenges related to current account deficits are widely acknowledged, the policy debate is much less clear and more polarized as regards high and persistent current account surpluses. To deepen the analytical underpinnings of the EU surveillance on macroeconomic imbalances, this new report analyses surpluses in several EU Member States. In particular, the report discusses whether the large surpluses have been optimal from the perspective of the surplus countries, explores the links between surpluses and deficits in the euro area and analyses whether the on-going re-balancing in the euro area (and the EU) is sustainable.


  • Alexandr Hobza, Economic Analyst, European Commission, DG ECFIN
  • João Nogueira Martins, Head of Unit, European Commission, DG ECFIN
  • Discussant - Guntram Wolff, Deputy Director, Bruegel
  • Chair - Zsolt Darvas, Resident Fellow, Bruegel

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