Gonzalez-Paramo on outlook for financial stability

In the speech 'The outlook for financial stability in the euro area' given on 14 July, Jose Manuel Gonzalez-Paramo of the ECB said there is still a risk of a disruptive correction of the large US current account deficit.

'Global imbalances have widened and disruptive unwinding remains a possibility,' he said in the speech.

He said the US current account deficit poses an undesirable risk to global financial stability and puts pressure on international capital markets, including euro area markets.

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