The configuration of external surpluses and deficits and its consequences

We look at changes in the external surpluses and deficits of the United States, the United Kingdom , the euro zone, Japan, oil-exporting countries, China, and other emerging countries. The configuration of external surpluses and deficits provides us with information on: The functioning of the international monetary system ; The nature of risks, weaknesses and inefficiencies. The important change in this confi guration is the shift to a situation where all regions are lend ing to the United States and to Canada + United Kingdom + Sweden + Australia as a whole. This is result ing in: Major inefficiency (it is the richest countries that are receiv ing capital); Financial fragility since several large countries (Russia, Japan, China) have stopped lending to the United States.