In that event, a period of very slow growth could, perhaps, be punctuated by periods of outright recession. I hasten to add that this is not a prediction on my part. I am only saying that such an outcome could be the consequence of inappropriate policies in many economies. And this outcome would hurt all countries, including those that are following appropriate policies.
Global imbalances are a global problem, and we need to think about them collectively. So how can we achieve their orderly resolution? Let me spend a few minutes talking about what is needed, both domestically and internationally, to help resolve the imbalances.