Countries must adopt “carefully calibrated” policies to reduce global imbalances, the International Monetary Fund says in a report launched alongside the communiqué from the June 8–9 G20 finance leaders meeting.

G20 policy-makers warn that while global current account imbalances have narrowed since the 2008 crisis, notably in emerging and developing economies, they have become increasingly concentrated in advanced economies.

In response, the IMF says, deficit countries should implement “growth