Financial markets seemed happy to provide the money to allow countries to run deficits on both the fiscal and trade accounts.

Accordingly, many economists argue that trade accounts for at least some of the growing wage disparity between high-and low-skilled workers in America, Britain and other advanced economies.

This global bank would issue its own currency, called the bancor, in which all trade accounts would be settled. In the absence of such a bank the world will have to make do with the current system.