Equally troubling, there is a greater chance of protectionist measures that can seriously damage the global economy. Policy impediments to resolving imbalances Let's look a bit more closely at some of the key impediments to the resolution of imbalances. Some of these impediments are national policies, while others relate to the international monetary order. Let me talk about national policies first.
Many of these impediments have been identified in discussions at the G-7 over the past couple of years. It is clear that, to date, there has not been enough progress on structural reforms. This lack of progress is somewhat frustrating, given that there is a reasonable consensus on what should be done domestically in all countries.