The governments of these economies have to deal with their own problems, which are not negligible. If they succeed, the world will be better off. So EMEs have to find their own way out. In my mind, a three- pillar approach should be followed. First Pillar. Strong macrofundamentals and policy settings are of the essence. Basically there is no room for poor fundamentals.
The days of policy and regulatory barriers that have resulted in fragmented financial markets in the region are numbered. Good regulation is therefore vital for the region, as markets need sound and stable rules in order to develop.