Stronger inter-sectoral interdependence can help enhance efficiency of domestic value chains. 17. Strengthening the position of a country in the global value chain (GVC) can help maximise 3/5  BIS central bankers' speeches  the benefits of openness.
Just as we showed courage in facing the pressing demands of the crisis itself, now policymakers must be equally courageous in dealing with these longer-term threats to stability and growth. That is the topic of my remarks today. I will briefly review the origins and extent of the imbalances that have accumulated over the past three decades.