Comment: Issing - federal deficit not to blame

A number of the world's most important central bankers and other policymakers met in Paris on Friday for a Banque de France symposium on globalisation. In a session on potential policy responses to global imbalances, Ottmar Issing of the ECB added his voice to those arguing that the root of global imbalances do not lie with the US budget deficit.

Issing argued that the real danger lies in the way markets adjust to the current imbalances. "A purely market-determined adjustment may be abrupt, with

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