They are sensitive to the fact that the issues in the global debate are relevant to them; but they also realize that they have to adapt the lessons of the crisis to their specific macroeconomic and institutional contexts. 9. What are the challenges confronting EME central banks as they embark on this task? What are the emerging issues?
This is what I want to focus on. In particular, I will address five specific issues. I. Treading the growth-inflation knife-edge  10. Managing the growth-inflation balance is a particularly complex challenge in EMEs for a number of reasons.