In a special note, Deutsche Bank argues that both “secular stagnation” and “normalization” are incomplete frameworks for understanding the post-crisis world and instead, “Euroglut” – the global imbalance created by Europe’s massive current account surplus will be the defining variable for the rest of this decade. What is Euroglut? "Euroglut is a global imbalances problem. It refers to the lack of European domestic demand caused by the Eurozone crisis. The clearest evidence of Euroglut is Europe's high unemployment rate combined with a record current account surplus. Both are a reflection of the same problem: an ... (full story)