40 ♦ •% -14% • •• • • • • -IS% • •• -10% • -20% NIIP as % DI GDP &wet 134isbtla0 Bart ECB an : sr -1/X0 .1.200 4440 4.600 4.1300 SM P 1939 2001 2003 2005 2007 2009 2011 2013 2015 Scamp: Coubeho an. ICS 2 In Switzerland. for instance. large and persistent current account sur