The IMF Executive Board on July 28, 1997 concluded the 1997 Article IV consultation with the United States
Over the past two years, the dollar's appreciation had helped to moderate aggregate demand and to limit inflationary pressures in the United States and had also helped to sustain growth in other countries.
However, the strength of the U.S. economy relative to other major countries and the appreciation of the dollar was contributing to a widening in the external current account deficit, and the persistence of large U.S. current account deficits and growing international indebtedness would be a concern over the medium term.
Directors noted that the best means of addressing that problem would be to boost national saving through continuing improvements in the fiscal position, with attendant benefits for both the United States and the world economy.