The global economic environment remains difficult, we have experienced rapid increases in house prices, and we face the longer-term need to improve domestic productivity and savings and rein in the economy’s external imbalances.
The challenge for the cross-border community will be to work closely with emerging market economies to help them build this infrastructure in ways that work for them. Wading in and saying, “do it our way” won’t work. The process will involve continuous interaction and adaptation and may well result in better functioning economies in the so-called developed world, as well.