BRUSSELS, Nov 7: The United States and Asia bear the main responsibility for reducing global economic imbalances, a eurozone document put to ministers on Monday said.

“The responsibility for adjustment lies primarily with the US and Asian countries,” the draft document discussed by the 12 finance ministers in Brussels says, according to a source who was quoting from it.

According to the document, prepared by the chairman of the Eurogroup Jean-Claude Juncker, the United States should save more while Asia should save less and boost imports.

If the document is endorsed by the ministers, Juncker will present it on the behalf of the ministers at a meeting of the Group of Seven industrialized countries in early Dec, a source familiar with the draft conclusions said.

“The United States should contribute by raising its private and public savings,” the source, quoting the document, said.

“Asian economies should contribute to the reduction of global imbalances through shifts to domestically generated growth and an increase in the region’s imports,” the source said.

More flexible Asian exchange rates would also help address the imbalances, it said.—Reuters