For about two years now we have been witnessing the biggest financial and economic crisis since the Great Depression. Solutions have been sought open-mindedly, cooperating on a broad international basis. This has been challenging for policy makers. It will be equally challenging to design and communicate well-timed exit strategies from the extraordinary policy measures that have been taken.
Finally we are seeing the first signs of global recovery. In the medium term, a rebalancing of the global economy will be crucial in ensuring sustained growth. The Fund will play an important role in advising member countries on policies that are also optimal from a global perspective.