Not surprisingly, your debates and discussions over the past two and a half days highlight just how much of a challenge it is to generate the kind of growth needed in the pursuit of development in an environment where previous engines of global expansion have almost “stalled”. This is particularly so in emerging economies.
Earlier this month, the Federal Reserve Bank of New York announced several changes to its daily open-market procedures intended to ensure the smooth operation of financial markets around the century rollover. All of these actions have a common theme. They are meant to build confidence that the Fed is determined to play its traditional role as a provider of liquidity in uncertain times.