We are all part of the global economy and, as such, we can do little to shield ourselves from a major economic disruption, such as a disorderly resolution of global imbalances. Collective action is needed now to minimize the chances of a major crisis down the road.
The task won't be easy, but it is up to policy-makers— whether they gather at the Bank for International Settlements in Basel, at the IMF in Washington, or around the G-7 table at Gleneagles in a few days—to work towards an environment that will support sustained economic growth worldwide. 4  BIS Review 50/2005