But many emerging countries were forced to confront adverse financial spillovers from large and sharp swings in the global liquidity condition. In short, coordinated global efforts to rein in the excessive global liquidity and cross-border spillovers have fallen short of expectations. And we all know too well that international policy cooperation has always been difficult to achieve. But history is not destiny.
Nor does it mean that we should give up. A global solution is needed more than ever to overcome the current crisis, which is a global problem. And for the benefit of all, the global community should be more united than ever in tackling the enormous challenges that lie ahead of us.