But new technologies will translate into higher productivity only to the extent that workers have the skills needed to apply them effectively. Moreover, because technology is always changing, the acquisition of those skills has become a lifelong challenge, one that continues well after formal education is completed.
Still at the current juncture we must be aware of the shortcomings in the international financial architecture. Here, it is not necessarily the analysis that was the problem: the rising risks in the global financial system were identified in the process of international cooperation. The IMF coordinated a multilateral consultation in 2006-07 to address global imbalances.