Accessible version CA adjustment: from deficits to balance The current-account deficits that defined the SDC era have largely disappeared. This shift to balance/surplus has proved relatively resilient through several shocks. From this perspective, the periphery appears to have moved onto a more stable external footing. Did CA adjustment translate into better NIIP? Not always However, stock adjustment has been considerably more uneven than flow adjustment. Italy has moved from a net debtor to a creditor posi ...