With a coordinated, prompt and synchronous set of policy measures we managed to avoid the worst consequences for the global financial system and the world economy. As the situation improves, it would be naïve to think that we can now go back to the previous loose coordination.
There continue to persist underlying “fault lines” (to use the words of Raghuram Rajan) that pose significant risks at the global level: an uneven recovery, diverging economic policies, protracted low levels of interest rates, increased sovereign debts, large imbalances in international payments, and pressures on exchange rates. Correspondingly, we should continue to improve international cooperation.