While the financial crisis of 2007-2009 led to significant adjustments in current account balances at the global level, global imbalances persist and are receiving special attention from economic policymakers. Agnès Bénassy-Quéré will provide her analysis of the developments in these global imbalances over the past decade. The analysis will focus on the dynamics following the COVID-19 crisis and the subsequent stimulus plans, as well as the changing trade relations between China and the United States, the war in Ukraine, and the resulting energy price spike. This discussion will also highlight the importance of geo-economic fragmentation in the evolution of global current account balances, and its impact on cross-border investments. Finally, this policy lecture will be an opportunity to address the significant role that climate change could play in the future of global imbalances, particularly due to carbon adjustment mechanisms at borders and massive public investment policies, and their consequences on both advanced economies and emerging markets highly dependent on fossil fuel revenues.