Finally the theme I zeroed down on emerged out of this very exercise of the balancing act – the dilemmas and conflicts thrown up for the policymakers by the paradoxical character of recent turn of events in the global financial markets. It is rather surprising for a crisis of this magnitude not to give clear directions for the future.
Yes, there is now a generally accepted sequence of events and the reasons for this crisis are well understood. Also the global nature of the crisis in which all the advanced economies have been impacted is striking. The failure of market discipline and self regulation is also apparent.