EFTA Document EFTA01461075

9 March 2015 Special Report: Euroglut here to stay: trillions of outflows to go 3% of GDP in the long-term, but as a cumulative stock measure, the NIIP is slow to reflect structural breaks in an economy's flow of funds. The Eurozone's incomplete transition is palpable when plotting average 610 current accounts against the latest NIIPs for O3 2014 (Figure 7). All countries except the euro-area are in balance, with their structural surpluses (deficits) reflected in positive (negative) NIIPs