We continue to closely monitor credit growth and risks to overheating, even as we stand ready to deploy macroprudential measures if necessary, to deal with sectoral issues in a targeted way. Staying ahead: new norm, new tools Economist Richard Baldwin published a book in November 2016 on the four phases of global economic evolution.
According to him, the fourth phase (1990 to the present) is The Great Convergence, characterized by globalization of knowledge and information resulting from the information and communication technology (ICT) revolution. To stay abreast, we must adopt new tools and policies.