The current account of the euro area balance of payments (b.o.p.) recorded a deficit of EUR 1.4 billion in the second quarter of 2007. Deficits were recorded for the group of “other countries” (i.e. non G-10 countries outside the European Union), Japan, the EU institutions and Switzerland. By contrast, the main surpluses were with the United Kingdom and the countries that joined the European Union in 2004 and 2007, while the current account balance with the United States was close to zero.