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2020-07-29

IMF expects the US current-account deficit to hit 2.6% of GDP in 2020

Notwithstanding a strong political commitment to European unification as the antidote to a century of war and devastating bloodshed, there was always a critical leg missing from the EMU stool: fiscal union.

Not anymore. 

The historic agreement reached on July 21 on a €750 billion ($868 billion) European Union recovery fund, dubbed Next Generation EU, changes that – with profound and lasting implications for both an overvalued US dollar and an undervalued euro.

My prediction of a 35% drop in the broad dollar index is premised on the belief that this is just the beginning of a long-overdue realignment between the world’s two major currencies.

IMF expects the US current-account deficit to hit 2.6% of GDP in 2020, the EU is expected to run a current-account surplus of 2.7% of GDP

Stephen S. Roach Project Syndicate 22 July 2020


SCB: Sveriges bytesbalans som andel av BNP uppgår det första kvartalet 2020 till 4,6 procent



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