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Capital flows from East to West and from surplus countries to deficit countries did indeed reduce global interest rates.
"The deficit countries must adjust," he said.
Real appreciation against deficit countries is required of surplus countries.
"Deficit countries have to do their part," Mr. Bernanke conceded.
"The deficit countries must act," Mr. Weidmann said.
Normally, it is deficit countries that need to devalue.
Similar(5)
Food-deficit countries are still in a highly vulnerable situation.
Only France, which also ranks among the top five trade-deficit countries, has a relatively healthy economy.
Reducing food loss is important because it makes more food available for consumption, and this is crucial in low-income and food-deficit countries.
With the exception of three countries, all LDCs are part of the FT category defined by the UN's Food and Agriculture Organisation as low-income food-deficit countries.
In a passage about Europe, he also said that the idea that high-deficit countries could spend their way to recovery was "a dangerous illusion".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com