[eng] Commercial surpluses have been spectacular since the beginning of the 1980's, but so has external borrowing. Meanwhile, domestic savings have largely exceeded investment, with massive capital outflows as a result. Japan has become an international financial center as well as a commercial...

[eng] As OPEC surpluses might have been volatile, their recycling was initiallly considered as difficult. But 40 % of these funds were invested in industrialised countries, predominantly in the United States (half of this subtotal). An equal amount was turned to short-term bank deposits which...

[fre] Les trois principaux pôles du commerce mondial sont la Communauté économique européenne considérée comme une entité (c'est-à-dire abstraction faite des échanges entre ses douze membres), les Etats-Unis et le Japon. La CEE demeure le premier exportateur malgré la percée du Japon....

[eng] Economic growth slowed down after the sharp recovery of 1983-1984 and has remained sluggish over the past two years. Now that it is well advanced, the present business cycle does not look very dynamic. An upsurge of inflation has been prevented so far, but both fiscal and foreign deficits...