1880至1914年期间，英国的平均经常项目盈余占其GDP比重的5%，相对比，如今美国的经常项目赤字占其GDP比重的7%。

Between 1880 and 1914, Britain ran an average current-account surplus of 5% of GDP. In contrast, America today has a deficit of 7% of GDP.

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过去十年间，全球经济出现大范围的不平衡，最突出的是美国经常项目赤字和中国经常项目盈余---两者都创下全球之最。

OVER the past decade, the world economy has been plagued by widening imbalances, most notably America’s current-account deficit and China’s surplus—both the largest in the world.

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但是，这主要是德国的经常项目盈余与其他国家的赤字相抵消的结果。根据OECD公布的数据，2007年德国的经常项目盈余相当于GDP的6%。

But that is mostly because Germany's current-account surplus, equivalent to 6% of GDP last year according to the OECD, has acted as a huge counterweight to deficits elsewhere.

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