The other is the challenges for central bankers in fulfilling our responsibilities within the current IMS. The role and limitations of the current IMS First, the current IMS. The IMS provides a critical underpinning for the global economy. It enables the efficient and smooth allocation of goods and services as well as capital, both domestically and in a cross-border context.
The central issue confronting the current IMS is how to introduce symmetrical adjustment between external surplus and deficit countries. The current IMS does not have a built-in mechanism which automatically fosters a balanced adjustment process.