EFTA Document EFTA01461076

9 March 2015 Special Report Euroglut here to stay. trillions of outflows to go the NIIP is given by the ratio between the persistent current account level and the steady-state growth rate.' Biasing the exercise against our argument by setting both variables to 2%. the NIIP would become stationary at around 100% of GDP. Comparative benchmarking yields somewhat lower estimates. The vast foreign asset stocks accumulated by Switzerland or oil-rich Norway, both well over 100% of GDP, reflect g