.S. outlook led to a further appreciation of the USD and a depreciation of the yen and the euro. The sharp decline in commodity … widening of current account imbalances was largely driven by systemic economies. Surpluses in Japan, the euro area and China … large oil exporters and smaller deficits in vulnerable EMs and some euro area debtor countries. Similarly, excess imbalances …

. Where monetary policy is constrained from playing a role, as in individual euro area members, fiscal and structural policies …