You have a trade balance, so why should a state have none? But I don't know how relevant that is. For currency moves obviously not. A state might get problems if its people are overdebted, but it is said about 20% of the US GDP go through Washington. So there should be enough solidarity within US states and enough mobility of people to move e.g. to a state with less unemployment, that a state trade balance doesn't matter too much. For the Eurozone that is actually the point where most Eurobreakup-doomsayers (probably most prominent Ambrose Evans-Pritchard from the Telegraph) start. Only about 1% of EU GDP go through Brussels, and the various languages spoken in the Eurozone are a serious impediment to cross-country mobility. That would make individual Eurozone country accounts important.
But still I would argue that for most issues the trade balance of a currency zone is relevant. The EU account I think is mostly irrelevant. The main mechanism of balancing are through exchange rate moves.


Der Amerikaner ist die Orchidee unter den Menschen
Volker Pispers