Sunday?s call by French finance minister Thierry Breton on the US to cut its budget deficit underscored the practical obstacles to a co-operative solution to global imbalances as part of reform of the International Monetary Fund.

Mr Breton said the time had come for the US to begin a national debate on its budget deficit as France had already done. ?You won?t be able to continue the way you are today,? Mr Breton told an audience in New York.