> I presume that he tells them that they have to do something about
> their current account *surplus*: the U.S. has low inflation and
> (near) full employment--the trade imbalance is driven more by a
Full employment only if you exclude the 2 million adults locked up in US jails. Also, the US has run higher inflation rates than the EU, though, so even by that orthodox measure, the greenback is overpriced.
-- Dennis