The problem in the eurozone is not fiscal indiscipline, though there has certainly been a lot of it, but current account imbalances entrenched by big differences in competitiveness.

Today, he noted, there wasn't any formal international system but rather a de facto arrangement characterized by a lack of fiscal discipline and huge current account imbalances.

Though the connection sometimes seems remote, American negotiators have argued that such investments will inevitably close the Japan's current account imbalances.

In any case, import barriers can explain only a small fraction of Japan's $80 billion current account imbalance.

Domestic earnings on overseas investments and payments by foreigners for services like travel and tourism also played a part in reducing the current account imbalance.

According to the I.M.F. report, the "prospect of sizable and persistent current account imbalances among the three largest industrial countries continues to cloud the medium-term outlook."

Progress has been made too in reducing the largest trade and current account imbalances.

Over the past decade it has been necessary for the Fund to play a more expanded role, principally because of the large current account imbalances identified in Table 9.2.

A diminishing of the current account imbalances by 1987 (see Table 9.2 ).

The G20 partners committed to reducing excessive imbalances and to maintaining current account imbalances at sustainable levels.