And notable progress has been achieved on multiple fronts, including formulating a strengthened regulatory framework and laying the foundation for reform of the international monetary system under G-20 leadership. No doubt more challenges remain in our search for durable global financial stability. In this respect, the G-20 must continue to be the locus of international cooperation and policy coordination.
As we enter our fourth year since the crisis, however, I would argue that the time is now ripe for renewed attention to sustainable growth. Financial stability – or more broadly macroeconomic stability – is of course a prerequisite for sustainable growth, but the converse is also true. In other words, the real and financial linkages involve a two-way traffic.