:Thanks very much for your great edits. Im going to put back the "discrepeceny" section as  the divergent ways in which the term is meant is still a common source of real world confusion.  Crabbe is adamant that the correct use of the term includes everthing, which does make sense as that is the only way the BOP will be a genuine balance sheet.  But as you suggest it is common to speak of BOP defecits where at least the reserve account is ommitted, so Ive changed the section so it no longer states which is correct. 

 :I liked your improvements to the lede, though maybe it now says a bit too much about exchange rate systems? Im going to take out this sentence as it might be misleading for some readers: "Large balance of payments deficits can cause a country's central bank to run out of foreign currency, making it impossible for the fixed exchange rate to be maintained; such problems led to the demise of the fixed exchange rate Bretton Woods system in 1971."  The Bretton Woods System broke down as the US was being drained of gold. The US did start running deficits but due to the special role of the dollar in that N-1 system,  their foreign currency reserves werent a limiting factor  (They wouldnt really be for other parties either as there was provision to borrow from the IMF. In the case of the US they did run down their fc , but only to buy back excess dollars to prevent them being converted to gold  - not beacause they needed to defend their currency in the way the other members would have had to in a defecit situtation).   Other than that, those improvements were much appreciated and its great to have a genuine expert and accomplished writer working on the article.