World Economic Forum special report: Contents
While European imbalances cannot compete with the trans-Pacific main plot in pure scale, they are as large (and dangerous) relative to the economies concerned: which are not small. Europe’s GDP weighed in at just under $12 trillion in 2005, just below the US’s. Dividing the countries by current account surplus or deficits produces roughly equal size “half-Europe” economies in which the surplus countries’ current accounts are 5.5% of GDP and the deficit countries’ 3.
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