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Looking beyond trade in goods: the United States has a slight current account surplus with the euro area
[Par-delà le commerce de biens : les États-Unis en léger excédent courant face à la zone euro]

Author

Listed:
  • Barbara Castelleti Font
  • Antoine Lalliard

Abstract

In the context of the recent hardening of US trade policy, it would be simplistic to limit the analysis of financial flows between the United States and the euro area to trade in goods alone. Including services and income in the analysis alters the picture, particularly on account of intra-group service flows resulting from direct investment by US multinationals in Europe. Dans le contexte du durcissement récent de la politique commerciale américaine, limiter l’analyse des flux financiers entre les États-Unis et la zone euro liés au seul commerce de biens est réducteur. Intégrer services et revenus dans l’analyse change le constat, notamment du fait des flux de services intra-groupe, résultant eux-mêmes d’investissements directs des multinationales américaines en Europe.

Suggested Citation

  • Barbara Castelleti Font & Antoine Lalliard, 2026. "Looking beyond trade in goods: the United States has a slight current account surplus with the euro area [Par-delà le commerce de biens : les États-Unis en léger excédent courant face à la zone euro]," Eco Notepad 446, Banque de France.
    • Handle: RePEc:bfr:econot:446
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