Do the U.S. have a current account surplus or a deficit with the EU? Since 2009, official sources disagree: The U …

of the global surplus is a trade surplus that the EU has with itself. In this paper, we show that this self-surplus of … the EU amounts to a striking 307 billion Euro in 2018. It persists in goods, services, and secondary income accounts. It … EU’s self-surplus quadrupled. Balance of payments data from the United Kingdom appear highly distorted. We argue that the …