Fed’s Kohn: US still vulnerable from global imbalances
In a speech on Tuesday, Donald Kohn, vice chairman of the Federal Reserve, called for a rapid improvement current account balances in the US outlining a number of measures to rebalance global demand.
According to Kohn global imbalances contributed to important macroeconomic and financial vulnerabilities and, hence, to the emergence of the global financial crisis.
Between 1996 and 2006, Kohn said, the U.S. current account deficit widened dramatically, from about 1 - 1.5% to 6%, reflecting a fall
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