Global liquidity, its measurement and its impact, under direction from the G20, is receiving greater attention from international financial institutions, precisely because of the recognition of the role that liquidity played in the global financial crisis, as a potential factor behind the pre-crisis accumulation of financial vulnerabilities.
Similarly, during the crisis, spillovers from the general monetary easing in advanced economies have also created vulnerabilities, while there are also global financial-stability implications of prolonged accommodation.