The New Global Imbalances

2026

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AI-generated summary

1) Global imbalances are a persistent and widening concern, driven by complex macroeconomic and political factors, necessitating a coordinated approach to ensure global financial stability and a rules-based trading system.
2) This report analyzes the causes and consequences of global imbalances, focusing on the roles of savings, investment, industrial policies, and exchange rates in major economies like the US, Europe, and China, and explores potential policy responses and future scenarios.
3) The analysis highlights the shift from official to private savings in driving global imbalances, the growing importance of non-bank financial intermediaries, and the interconnectedness of financial stability risks, geopolitical tensions, and trade policy.
Tags: global imbalances, current account, trade policy, industrial policy, financial stability

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