Define the balance of payments. Define the current account. Define the capital account. Define a BOP surplus. Define a BOP deficit. How would a BOP deficit with Europe occur in the current account. How would a BOP surplus with Europe occur in the capital account? Define the balance of payments. Define the current account. Define the capital account. Define a BOP surplus. Define a BOP deficit. How would a BOP deficit with Europe occur in the current account. How would a BOP surplus with Europe occur in the capital account?