第一，全球收支现在严重失衡，美国经常帐户赤字被其他国家的盈余抵消。
The first is that global payments are significantly out of balance, with a huge US current account deficit offset by surpluses elsewhere.
但在德国，财政馀额的恶化纯粹是抵消经常帐户盈馀减少的一种手段。
In Germany, however, the deterioration in the fiscal balance is entirely an offset to a smaller current account surplus.
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