As defined by the ECB – external positions of systemically important economies, – reflecting distortions – such as: persistent deficit in the balance of payments – or – posing risks to the global economy. Risks are primarily potential dislocations in financial markets following an unexpected shock, but also increasing protectionism – See event risk, financial market interdependence, risk, systemic, systemic risk. – Cf. ECB Monthly Bulletin of August 2007, pp. 67 ff. (detailed, textbook presentation with overviews and references), ECB Monthly Bulletin of July 2013, pp. 95 ff. (creeping protectionism worldwide increases imbalances; many overviews).
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