Statement by the Controller on the current financial situation of the United Nations

(3) As regards doubtful account reserves, beginning balance prepared at current period, amount recovered and written off at the current period and ending balance of doubtful account reserves shall be disclosed.

Differences among the eurozone countries in growth rates of productivity and wages will continue to cause disparities in international competitiveness, resulting in trade and current account imbalances. Germany now has a current account surplus of about 215 billion a year, while the rest of the eurozone is running a current account deficit of about 140 billion.

Indeed, every year for more than three decades, the US Bureau of Economic Analysis (BEA) has reported a current account deficit. And yet now we must ask whether the US current account deficit is still a problem.

Italy, Spain, and France all have current account deficits equal to 2 or more of their GDP. As they come out of their cyclical recessions, incomes will rise, leading to increased imports and even larger current account deficits.

In the short run, the US current account deficit will remain, regardless of which country runs bilateral surpluses. Thus, China s continued reinvestment of its current account surplus in US government securities is of utmost important for US growth and financial stability.

Perhaps the most notable consequence of Spain s recent reform efforts is its current account surplus the country s first in more than two decades. At the peak of the crisis, Spain s current account deficit amounted to an unprecedented 10 of GDP.

After all, America s still large current account deficit guarantees that the dollar will continue to fall. Even so, the macroeconomic logic that large current account deficits signal that currencies are overvalued continues to escape the world s international financial investors and speculators.

Without external constraints, public and private expenditure grew precipitously in many countries on the eurozone periphery, while wages rose faster than productivity. As these countries posted current account deficits, northern European countries accumulated current account surpluses, exposing a widening competitiveness gap.

In a global economy with deficient aggregate demand, current account surpluses are a problem. But China s current account surplus is actually less than the combined figure for Japan and Germany as a percentage of GDP, it is 5 , compared to Germany s 5.2 .

The statement also did not include reference to the resources requested under the proposed support account budget for 2005 06.

Even more extraordinarily, when these new currencies emerged as the new claimants to reserve status, they had only recently become convertible for current account transactions, and capital flows were still restricted. Germany had moved to current account convertibility in 1958, but Japan only in 1964.

In response, current account balances the Achilles heel of the so called East Asian growth miracle went from deficit to surplus. For the ASEAN 5, current account deficits averaging 4 of GDP in 1996 97 swung dramatically into average surpluses of 6.8 of GDP in 1998 99.

The United States trade and current account deficits have begun to shrink relative to American and world GDP. Asian current account surpluses are about to start to shrink as well, especially if growth slows markedly in America in the aftermath of the end of its housing boom.

The present review should take account of the bleak employment record that has been produced by current industrial patterns.

She may open a current account in her own name and may freely withdraw or dispose of its funds .

For the ASEAN 5, current account deficits averaging 4 of GDP in 1996 97 swung dramatically into average surpluses of 6.8 of GDP in 1998 99. A similar transformation occurred in South Korea, where a 2.8 current account deficit in 1996 1997 became an 8.6 surplus in 1998 1999.

1.188 All tender and contract document templates will have been revised to take into account current technical and legal issues.

The statement also addressed current issues of the Haitian situation and the needs in the areas of security, development, human rights and the political process.

This argument is correct in the sense that it is the current account surplus or deficit of a monetary union as a whole that can be expected to have exchange rate implications. And, unlike China, Germany no longer has a national exchange rate that can adjust in response to its current account surplus.

The counterargument hinges on the difference between the current account deficit and the trade deficit. The current account deficit is equal to the trade deficit plus the cost of servicing the net international asset position the net rent, interest, and dividends owed to foreigners who have invested their capital in the US.

As developing countries increased their labor intensive production and exports, their current account surpluses rose by almost 3.6 percentage points, on average, between 1989 1993 and 2002 2006. China s current account surplus increased by almost 11 percentage points over the same period, India s by 2.5 percentage points, and Russia s by seven percentage points.

Large current account imbalances continue to characterize the global economy, and a lower dollar would contribute to reducing the United States deficit.

Current NAMA and agriculture negotiations should therefore bring results taking into account safeguard measures, SDT and flexibility in the rules and procedures.

A full account on the current activities of UNODC with regard to the relationship with UNDP is provided in section II above.

In a follow up statement to a situation raised last year at the Working Group, the current situation of the Sama Dilaut nomadic fisherfolk was described.

Her delegation supported the IAEA Director General's statement that the current Conference should acknowledge that the additional protocol was an integral part of the Agency's safeguards.

The Commission has learned that, before his current trip to the Syrian Arab Republic, Mr. Hussam provided to close friends an account of the assassination that was similar to the account he provided to UNIIIC.

But whether renminbi appreciation will work depends on reducing China s net capital inflows and current account surplus. International experience suggests that, in the short run, more capital flows into a country when its currency appreciates, and most empirical studies have shown that gradual appreciation has only a limited effect on countries current account positions.

Even more significant, shifting income from state owned enterprises to middle class workers and increasing consumer spending will reduce China s enormous saving rate. Since a country s current account surplus is the difference between its national saving and its national investment, China s current account surplus is likely to continue to shrink in the coming years.

Yet, strangely, it is the Fed, not the ECB, that has set an unemployment target. The US unemployment rate has declined to around 7.7 and the current account deficit is close to 500 billion, while eurozone unemployment is at a record high, near 12 , and the current account shows a surplus approaching 100 billion.

Some of the increase in net transfers reflected strong growth in export revenues that had led to current account surpluses in some countries.

The elseif statement is only executed if the preceding if expression and any preceding elseif expressions evaluated to FALSE, and the current elseif expression evaluated to TRUE.

Wood Group and the Unite and RMT unions can confirm we have agreed to restart the process for resolution of the current dispute, a joint statement read.

BEIJING In theory, the difference between capital inflows and outflows in developing countries should be positive they should be net capital importers, with the magnitude of the balance equivalent to the current account deficit. Since the 1997 1998 Asian financial crisis, however, many East Asian countries have been running current account surpluses and hence have become net capital exporters.

But if the US fails to narrow its savings gap, its current account deficit will not disappear, regardless of where the dollar goes. Whether America can achieve decent growth while keeping its current account deficit in check depends on whether it can reinvigorate its ability to innovate and create, thereby restoring competitiveness and creating demand at the same time.

Article 62 Financial statements include the Company's balance sheet at the end of the reporting period and at the end of the previous year, the profit statements of the current year and the previous year, the cash flow statement of the current year, and table of changes in owners' equities of the current year.

At the outset of my statement, I would like to congratulate you, Mr. President, on your assumption of the presidency of the Security Council for the current month.

Governments can do this consistently with a medium term deficit reduction plan by making a crucial distinction between their budgets current and capital accounts. The current account covers spending on services and perishable goods that produce no assets.

Developing countries in the aggregate were running a large current account surplus in 2004, equivalent to 2 per cent of their gross domestic product (GDP).

It is hard to argue that the RMB is not undervalued, given China s large and persistent current account and capital account surpluses. But, despite ending the dollar peg, faster appreciation of the RMB seems unlikely for the foreseeable future.

Meanwhile, the jewel of American capitalism, the financial sector, caused the crisis and is underpinning the US current account deficit. Oil exporters aside, countries running current account surpluses, such as China, Germany, and Japan, have stronger manufacturing sectors relative to their financial sectors, while the relationship is reversed for countries running external deficits, such as the US and the United Kingdom.

India s growth during the past decade had much to do with loose macroeconomic policies and a deteriorating current account which recorded a deficit of more than 5 of GDP in 2012, having been in surplus in the early 2000 s. Turkey, another country whose star has faded, also relied on large annual current account deficits, reaching 10 of GDP in 2011.

For the last decade, the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) were the eurozone's consumers of first and last resort, spending more than their income and running ever larger current account deficits. Meanwhile, the eurozone core (Germany, the Netherlands, Austria, and France) comprised the producers of first and last resort, spending below their incomes and running ever larger current account surpluses.

The resulting build up of private and public debt in over spending countries became unmanageable when housing bubbles burst (Ireland and Spain) and current account deficits, fiscal gaps, or both became unsustainable throughout the eurozone's periphery. Moreover, the peripheral countries large current account deficits, fueled as they were by excessive consumption, were accompanied by economic stagnation and loss of competitiveness.