The world has been confronting unusually large current account imbalances for so long now that international policy makers have almost stopped warning that these represent a major risk to the world economic outlook.

The essay featured in the 2006 annual report summarizes presentations and discussion at the 51st economic conference of the Federal Reserve Bank of Boston, “Global Imbalances − As Giants Evolve,” which was held in June 2006.

Complete Report (2.5MB)