BIS Review 95/2009  3  to India through both the trade and finance channels, the latter was by far more significant in terms of the intensity of impact. Notwithstanding reams being written about resolving the present crisis and preventing another like this, global imbalances are not on the radar screen of policy debate. This is both perplexing and disturbing.
Indeed, once the immediacy of the crisis is behind us, it will not be surprising if we head for another round of destabilizing global imbalances. How do we manage global imbalances?