Hurricanes may delay US current account correction

European Central Bank board member Lorenzo Bini Smaghi said in an interview that costs resulting from hurricanes in the Gulf of Mexico could mean that the US will be unable to correct its large current account deficit for some time.

'The immediate impact of high oil prices plus (Hurricane) Katrina plus higher budget deficits will mean in all likelihood that the adjustment of the current account deficit is further postponed into the future,' Bini Smaghi said in an interview with the Internation