"There is widespread agreement that one of the root causes of the Great Credit Crisis of 2008 was the interaction between global imbalances and under-regulated financial systems. The savings of surplus countries created a wave of money which washed into deficit countries, looking for high returns while simultaneously helping to keep interest rates low.
Where financial industries were allowed sufficient latitude, the result was excessive leverage and risk-taking, and ultimately catastrophe.
It might therefore appear to be good news that these imbalances contracted sharply during 2008-2009. According to the IMF, the US current account deficit shrank from 4.9% of GDP in 2008 to 2.6% in 2009, while the Japanese surplus fell from 3.2% of GDP to 1.9%, and the Chinese surplus fell from 9.8% of GDP to 7.8%. The Eurozone current account was fairly balanced before the crisis, and remains so, but within the Eurozone imbalances also fell: the German current surplus contracted from 6.4% of GDP to 2.9%, while the Irish deficit fell from 5.2% of GDP to 1.7%."
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Via The Irish Economy: Rebalancing at Europe's expense
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