global imbalances

The article argues that global imbalances are not the primary cause of Europe's industrial challenges, highlighting that the EU, similar to China, operates as a surplus economy.

The article warns that global economic imbalances could lead to trade wars if countries fail to adjust their policies. It highlights the risk of a shift from a currently stable economic environment to a more hostile one without necessary reforms.

The article discusses the resurgence of global economic imbalances and suggests that familiar actors or factors are likely responsible for their return.