KEY POINTS:
The United States and other countries must work together to correct a skewed pattern of trade and investment around the globe, US Federal Reserve Chairman Ben Bernanke said today.
The move would help worldwide economic stability, he was reported as saying.
So-called "global imbalances" occur when countries such as the US run up bloated trade deficits, while other countries, such as China and oil-producing nations, produce big trade surpluses.
The International Monetary Fund has been leading efforts over the years to reduce lopsided trade and investment patterns.
As for prospects of fixing the problem, Bernanke said, "Signs of progress have appeared but ... most countries have only just begun to undertake the policy changes that will ultimately be needed," news agency AP reported today.
