As regular readers of this blog will know, I’m no economist and numbers tend to confuse me. But still, this doesn’t look good:

“According to the latest revisions, the EU25 external current account recorded a deficit of 22.5 billion euro in the first quarter of 2005, as compared with a deficit of 3.9 billion euro in the first quarter of 2004 and a deficit of 2.3 billion euro in the fourth quarter of 2004.”

I’ll try and update this post later, once I’ve dug out some analysis from people who know what they’re talking about when it comes to this kind of thing.