As a matter of fact, the crisis failed to validate the decoupling hypothesis, as all EMEs were affected, admittedly to different extents. What the crisis, in fact, reinforced is that the economic prospects of advanced economies and EMEs are interlinked through trade, finance and confidence channels. 5. Let me now move on to specific issues.
In the context of the theme of the session, I want to address five topics which are all interconnected. Global rebalancing 6. First is the issue of global rebalancing. Global rebalancing will require deficit economies to save more and consume less, while depending more on external demand relative to domestic demand for sustaining growth.