Second, it is necessary to look into the causes and features of the global imbalances, its interaction with the global development patterns, varying development stages of different countries and their income distributions. One cannot expect a simple and straightforward instrument to work the miracle of structural adjustment.
Third, based on the above scenario analysis, we should strive to achieve Scenario 1, avoid Scenarios 2 and 6, and do more research on Scenarios 3, 4 and 5. To this end, institutional reform needs to be designed and pursued along the direction of desirable outcomes to bring about the desirable changes.