The United States has a large deficit in its current account, which is causing concerns globally. The deficit is at a level not seen in a long time and is using up a significant portion of the world's available external surpluses. If the deficit continues, the U.S. could end up with a high external debt compared to its GDP. Some experts believe that a sharp decrease in the value of the U.S. dollar may be necessary to balance the deficit. Financial globalization may not be enough to prevent this outcome, as markets might not fully understand the extent of the needed dollar depreciation.