In other words, it would be a mechanism of transfers from the surplus to the deficit countries.

In the deficit countries, measures to increase national saving are urgently needed."

America was a deficit country when President Bush left office, and now it is a surplus country.

To this end, his scheme aimed to bring a simultaneous pressure on both surplus and deficit countries to 'clear' their accounts.

The international banks, through the euro-currency market, recycled petro-dollars from surplus to deficit countries.

I agree with the possibility of calling for structural reforms in surplus countries, but most attention should be given to deficit countries.

Thus, Keynes was sensitive to the problem that placing too much of the burden on the deficit country would be deflationary.

To a large degree, the change is optional for the surplus country, but compulsory for the deficit country.

Deficit countries, while following policies designed to encourage steady low-inflation growth, will reduce their fiscal and external imbalances.

He also praised the coordination process for containing "symmetry by focusing on surplus as well as deficit countries."

Nor are there any major European opposition parties in high deficit countries arguing for additional borrowing - except here in Britain.

Invoke import tariffs to neutralize the trade deficit with all trade deficit countries.

Under the classic gold standard system, the deficit country would automatically experience a rising interest rate, a contracting price level and a slowdown in the domestic economy.

As outlined by Keynes, countries with payment surpluses should increase their imports from the deficit countries and thereby create a foreign trade equilibrium.

The divergences in competitiveness and the gap between the surplus and deficit countries of the euro area has widened in the past 10 years.

We could also use the Structural Funds in conjunction with the European stability mechanism to make deficit countries converge upwards.

Such a shortcoming is illustrated by the imprecise meaning of the term 'fundamental disequilibrium', the required condition for a devaluation by a deficit country.

All countries must play their part in rebalancing: surplus countries by reinforcing domestic demand, and deficit countries by focusing on export growth.

Further arrangements were made by the IMF under its general account to organize an additional source of liquidity to meet the temporary needs of deficit countries.

The effective working of the adjustable peg system required deficit countries to have official reserves at their disposal for supporting their currency at the par value.

The U.S. contingent was too concerned about inflationary pressures in the postwar economy, and White saw an imbalance as a problem only of the deficit country.

Eurodollar deposits, on lent, became the means by which the OPEC surpluses were re-cycled back to deficit countries to enable such deficits to be financed.

Or indeed, if Greece et al are willing to give up all sovereignty, are the Germans willing to take responsibility for the deficit countries of Southern Europe?

Even if the "stock" problem of dud debt can be dealt with that still leaves the "flow" problem of the structural imbalances between the surplus and deficit countries.

The Bretton Woods arrangements recognized these problems by encouraging long-term adjustment to be carried out through deficit countries devaluing when their balance of payments was in 'fundamental disequilibrium'.