Are the global imbalances between the United States and the euro zone more or less serious than the global imbalances between the United States and China?

In the past, global imbalances primarily took the form of external deficits in the United States and external surpluses in China. Today, they primarily take the form of external deficits in the United States and external surpluses in the euro zone. Which form of global imbalance s is the most serious? We believe that the current form is the more serious: China’s external surplus financed the US external deficit through China’s accumulation of foreign-exchange reserves, which was quite easy; The euro zone’s external surplus must now finance the US external deficit through loans to or investments in the United States on the part of private investors or companies in the euro zone, which is more difficult and entails a risk of a sharper depreciation of the dollar’s exchange rate.