Efforts for policy adjustment between the United States and China to resolve the global imbalances, overcoming the challenges to euro system stability posed by the fiscal crises in some eurozone countries, the global wealth shift following the emergence of the G20 and the rapid  BIS Review 47/2010  1  expansion of Asian economic powers, fixing the financial system so as to rein in economic risk and uncertainty, and redefining the roles of the international financial institutions: those are just a few of the core elements that will shape our drive to establish a new global economic framework.
Impact on South Asia The euro area has traditionally been an important economic partner for South Asia. The share of exports to the euro area in total exports ranged from around 38 per cent for Maldives to 10 per cent for Nepal with India’s share being 13 per cent in 2012.