But trade negotiations are not the right forum for discussing the causes and consequences of current-account imbalances and reaching agreements on macroeconomic-policy coordination; that is what the IMF and the G-20 are for. In fact, the issue of large actual or potential discrepancies between aggregate savings and investment in countries or monetary zones, reflected in current-account imbalances, is at the heart of the IMF’s emerging multilateral surveillance role; it has been a focus of the G-20 as well.
所有这些并不意味着影响汇率的宏观经济政策没有问题。它们有问题。但贸易谈判不是讨论经常项目失衡的原因和结果、达成关于宏观经济政策协调的一致的正确场合；IMF和G-20才是。事实上，国家和货币区总需求和投资之间实际或潜在的不一致问题——反映在经常项目失衡中——正是IMF新的多边监督角色的核心内容，也是G-20的关注重点。