The current account surpluses of some newly industrialized countries in Asia have become large enough to constitute a significant part of the global imbalances. The heavy indebtedness of a number of major middleincome developing countries acts as a drag on world economic growth as well as on their own growth, impedes the correction of global imbalances, and contributes to international financial instability. Progress in this policy area is of global importance. Increased regional economic integration in the European Community and North America simultaneously marks a move away from multilateralism and advances economic liberalization in important new areas. The Trilateral countries, principal custodians of the broad multilateral system, must take care that regional progress is not sought at global expense.
Monetary indicators require constant review.
The increasing internationalization of economic activity makes it more difficult to interpret conventional balance of payments statistics based on the resident principle. In sum, traditional statistics need to be reviewed from time to time, and adapted as necessary to the changing character of the world economy.