Anything else risks blurring responsibilities and diluting accountability. This, in turn, would distort incentives in a perverse way. It goes without saying that exchange of information and views, for instance in the context of international fora, may in such a context further help the policy-makers of large economies assume their global responsibilities by providing them with a better understanding of the economic environment.
Other risks are essentially unquantifiable--representing Knightian uncertainty, if you will--because we may not fully appreciate even the full range of possibilities, let alone each possibility’s likelihood. As a result, risk management often involves significant judgment on the part of policymakers, as we evaluate the risks of different events and the probability that our actions will alter those risks.