Without properly addressing this issue at the global level, we run the risk of a durable fragmentation of the international system. Conclusion Let me conclude. Global challenges require both domestic and global responses to ensure that the global financial system becomes more resilient.
Important steps in the right direction have recently been taken on both fronts, albeit admittedly, many of these innovations have not yet been fully tested. We should not be complacent. In many ways, the present challenges to the global economy place the monetary and financial system at a sort of crossroads.