The external position shows large disparities in net trade in goods and services, with a high deficit in goods trade being partly compensated for by a substantial services surplus.

The current account deficit reflects large disparities in net trade in goods and services.

An emissions trading scheme and auctioning rights are worth investigating, but, I ask the Commissioner, would a stand-alone or closed ETS for aviation not fall at the first hurdle, since all the trading entities would be net buyers and there would be no market?

31. Where a credit institution buys credit protection through a total return swap and records the net payments received on the swap as net income, but does not record offsetting deterioration in the value of the asset that is protected (either through reductions in fair value or by an addition to reserves), the credit protection shall not be recognised as eligible.

4. Stresses that the developing countries do not form a homogeneous unit from an agricultural point of view but are made up of net food exporting countries which benefit directly from a general liberalisation of trade, net importing countries whose marginalisation is being increased by the fall in prices caused by a gradual deregulation of agricultural markets and by their debt burden and, lastly, net importing countries specialising in the export of a few products, which are subject to fluctuations in world prices and a steady erosion of their trade preferences;

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