The improvement in ratings is underpinned by emerging-market governments' strong external balance-sheets (record levels of foreign-exchange reserves and falling external debt ratios).

ECONOMIST: Country risk ratings

Yet the euro's external balance concealed a huge internal divide between places like Germany, with excess savings, and countries such as Spain and Greece, with huge current-account deficits.

ECONOMIST: Europe's economy

While improvement in capital flows has certainly been a supportive factor since September 2012, the deterioration in the trade balance is likely to weigh on the external balance nonetheless.

FORBES: India Trade Deficit Worsens

The overall external balance will depend heavily on capital flows, and the slow pace of recovery may be amplified by political uncertainty, thus pushing more capital out of the country.

FORBES: Thanks to Oil, Russia's Trade Surplus Continues

But if the numbers are right, Russia is heading towards a twin deficit economy, where the government budget and external trade balance are negative.

FORBES: A Weak Russia Is A Dangerous Russia For BP

Financial institutions continue to advance and incorporate fraud prevention and detection measures into their offerings, but the external criminal networks are constantly evolving and banks must balance the potential exposures with consumers demand and expectations.

FORBES: Enlisting Customers in Managing Cyber Fraud Risks

Since the current-account balance equals the net saving of the private and public sectors, a budget deficit boosts the external deficit.

ECONOMIST: America's current-account deficit

Acute budget and external debt strains in Greece, Italy, Ireland, Spain and Portugal are testing confidence, impacting the balance sheets of many banks, and posing political challenges to the leaders of the 17 nations that all use the Euro as their currency.

FORBES: To Save Itself, Europe Must Adopt Economic Growth Strategies