Asia-Pacific impacts Increased saving and reduced investment in advanced economies, and the beginnings of a shift towards domestic expenditure and away from exports in emerging economies, are starting to reduce the global imbalances that had grown markedly pre-crisis. However, in the meantime, the reduced investment is also holding back global productivity and potential growth.
*  *  *  I am pleased to participate in the panel discussion at this Institute of International Finance Spring 2006 Membership Meeting. As I will make clear, I think meetings of this sort, by contributing to the dialogue between the leaders of financial institutions and policymakers, can play a critical role in increasing mutual understanding and improved decisionmaking by both groups.