translate English to French: At the aggregate level, substantial net financial transfers were flowing from the South to the North and an excessive build-up of international reserves was taking place in a significant number of developing countries.
Globalement, les courants de ressources entre le Nord et le Sud se soldaient par de substantiels transferts financiers nets au profit du Nord, et un grand nombre de pays en développement accumulaient des réserves internationales excessives.