Global imbalances Another shortcoming that needs to be addressed for the future was the insufficient orientation of macroeconomic policies towards medium-term stability and sustainability. This led to the build-up of unsustainable external imbalances between deficit and surplus economies prior to the crisis.
Although warnings had been voiced, including by the IMF, about the risks of a disorderly adjustment, there was no effective mechanism to influence macroeconomic and structural policies in key countries where those policies appeared unsustainable from the standpoint of global economic and financial stability. This must change – and it requires both the work of international institutions and the cooperation of national authorities. 3.