And exchange rate adjustment has usually been a key policy tool to ensure this re-allocation.

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This is where money management is key: position-sizing requires constant adjustment, especially during periods of wide variance.

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Ministers also called on the Greek government and the so-called troika - the European Commission, European Central Bank and the IMF - to agree the key parameters of an "ambitious" adjustment programme as soon as possible.

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The current-account deficit, now around 5% of GDP, is a key factor: if capital flows into America slowed even more sharply, or dried up, the adjustment involved in reducing the current-account deficit could be painful both for America and the rest of the world.

ECONOMIST: Time for a rethink | The