The present issue puts a special focus on two topics. There is a first special focus with four contributions on »Global imbalances« in the Forum section. Sebastian Dullien's contribution is concerned with divergences in the Euro area, whereas Dorothee Bohle analyses the economic problems of Eastern European Economies, comparing Hungary and Latvia. Hansjörg Herr writes about the export-led Chinese growth strategy, the resulting current account surplus and the consequences for global economic imbalances. The last contribution in the Forum section, by Dimitri B. Papadimitriou, focuses on the US as the most important country with a current account deficit and the strategic perspectives of correcting global economic imbalances.