Regardless of the progress after a meeting big twenty in Paris this weekend, which will solve the problem of global imbalances (let's recognize that the probability of achieving very low), the leaders will not be able to overcome the main obstacle to reform, namely its own electorate. Yes, global imbalances - this is a problem and, indeed, for the most part, things get worse (or at least no better), but to bring a solution within the country - it is quite another matter to which the politicians have yet to come up with an answer. In fact, it's a matter of controversy, whenever a question was raised. Secondly, the way to achieve a more balanced global economy is more durable than the usual everyone thinks, and often runs counter to the short-term objectives of politicians.First, let's take a step back. In anticipation of the credit crisis, global imbalances were a key theme. First of all, they talked about the U.S., where the current account deficit is about 6% of GDP, along with huge commitments abroad, which he created. Along with this, we have growing surpluses in Asia, coupled with increasing foreign exchange reserves.
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