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The Eurozone’s basic balance is close to 0%

While the Eurozone runs the biggest current account in the world ($357 bn over the last 4 quarters), portfolio investment outflows are extremely elevated (because of the ECB’s QE) and the basic balance (sum of the current account, net foreign direct investment and net portfolio investment) is close to zero. This underlines that there will be some upward pressure on the euro in the middle-run.

Graph_The Eurozone
Bastien DRUT, Strategy and Economic Research at Amundi
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The Eurozone’s basic balance is close to 0%
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