Financial markets play a crucial role in shaping current account patterns in emerging economies. Emerging Asia tends to have current account surpluses, while emerging Europe faces deficits. The level of financial market development and integration influences how much these countries can borrow from abroad. The more integrated the financial markets within a region, the more likely countries are to accumulate reserves and maintain current account surpluses. In summary, the extent of financial integration within regions like Europe and Asia impacts their current account balances.