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.