§ But the growth of world trade cannot be ensured simply by international co-operation in the monetary field. Individual countries, both those in deficit and those in surplus, must play their part by adopting the right domestic policies. This is all the more important now, when some recoil from last year's exceptionally fast growth must in any case be expected.
§ The American authorities have taken action to moderate the expansion of their economy. But since the United States has in recent years provided the mainspring of the growth in world trade, it is imperative that other countries, not constrained by excessive demand or by a weak external balance, should now take on that role. It is to the surplus countries of the European Economic Community that the world must look now for the main impetus to continued trade expansion. The correction of deficits cannot be achieved without some balancing reduction of surpluses.