“Do not overlook the ongoing rebalancing within and among major economies,” the report submitted on Sunday. “The U.S., with the help of a competitive currency, relatively stagnant labor costs and cheap energy, is on track to regain its power and manufacturing exporter. Moreover, China, helped by higher income and a gradual implementation the social security reforms, is in a long march toward a consumption-driven economy, “say analysts at Morgan Stanley on global rebalancing before moving on to talk about Europe.