Institutional frameworks to create sufficient peer pressure at the global level to prompt systemic players to act were weak. Thus, global economic governance and multilateral surveillance were not fully equipped for the new challenges of a globalised world. But the crisis also revealed acute failures in the global financial system.
In such ways, all those in the region are working together to take on the challenging task of navigating this period of major change. 7  My second point concerns efforts to enhance the industrial competitiveness through promoting innovation.