External imbalances have generally narrowed compared to the very large imbalances in the pre-crisis period.

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So far, despite a much weaker exchange rate this year, the UK has made little progress in addressing its external imbalances.

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Incipient external imbalances, according to the rules of the game, were supposed to be corrected by governments allowing automatic correcting adjustments within their economies and supplementing them with monetary and fiscal policies.

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