4  BIS central bankers’ speeches  of major investment banks in the commodity market leading up to 2008 crisis4. Correlation between cross-border credit and international commodity prices suggests a possible link between global liquidity and financialisation of commodity markets. In 2008, global capital inflows retreated from the EMEs.
We are already bearing the consequences of inadequate adjustment. Unsustainable macroeconomic policies are increasing uncertainty, undermining a sustainable economic recovery and raising financial stability risks. And the longer needed adjustments are delayed, the more serious the consequences will ultimately be. Financial stability that is durable cannot be achieved without balanced sustainable growth – nor can growth be sustained without financial stability.