The balance of payments on current account is the balance of economic transactions with foreign countries within a given period. – Surpluses or deficits in a current account are the result of millions of individual decisions and therefore – except in centrally planned economies – are not a target variable that can be controlled by policymakers and certainly not by the central bank. The associated changes in the exchange rate are also hardly predictable and virtually impossible to influence. – The current account balance of a country is one of the parameters of the EU’s monitoring procedure, which was introduced in 2011 and is intended to identify imbalances within and between European countries in good time. – See Deutsche Bundesbank Monthly Report of June 2007, pp. 35 ff. (current account balances in the euro area with many overviews; explanation of discrepancies), ECB Monthly Report of July 2007, pp. 51 ff. (current account balances in terms of saving and investment; overviews), Deutsche Bundesbank Monthly Report of March 2012, pp. 18 ff. (on the development of the current account in Germany since 1999; overviews; explanations, references); pp. 21 ff.: “invisible” current account transactions), ECB Monthly Report of April 2012, p. 22 ff. (reversals in the current account analyzed and explained; many overviews; literature references), ECB Monthly Report of July 2013, p. 66 ff. (main components of the current account balance of EMU members; many overviews), ECB Monthly Report of November 2013, p. 75 ff. (current account balance in EMU since 2004; overviews). ECB Monthly Bulletin of December 2013, pp. 58 ff. (Current account imbalances in EMU since 2000; overviews), ECB Monthly Bulletin of January 2014, pp. 52 ff. (Current account of troubled euro area members [Ireland, Greece, Spain, Portugal] suggests that structural reforms have been insufficient), ECB Monthly Bulletin of February 2014, pp. 18 ff. (Current account of EU member states in Central and Eastern Europe; overviews; assessment). – Cf. individual items of the euro area current account continuously reproduced in the annex “Euro area statistics,” heading “External sector” in the respective ECB Monthly Bulletin; note also the “Notes” following there, Annual Report 2013 of the Deutsche Bundesbank, p. 46 (definition of “current account balance”; informative value), Monthly Report of the Deutsche Bundesbank of March 2014, p. 38 ff. (detailed presentation; overviews; references), Monthly Report of the Deutsche Bundesbank of June 2014, p. 59 ff. (change in recording methodology, detailed presentation with overviews and important information in the notes).
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