But there is no single indicator which can identify emerging imbalances, let alone unsustainable global imbalances. A sufficiently flexible policy framework which can adapt to rapidly changing economic and  BIS central bankers’ speeches  13  financial conditions is required. The process through which crises unfold is unique for each crisis.
We must learn from past experience, but strategies for the last war do not assure success in future battles. Keeping an open mind is important.