9  This section draws on aspects of my presentation at a May 2001 conference at the Federal Reserve Bank of Cleveland and on my June 2006 speeches in New York. See Randall S. Kroszner (2003), "Currency Competition in the Digital Age," in David E. Altig and Bruce D. Smith, eds., Evolution and Procedures in Central Banking (New York: Cambridge University Press), pp.
Moreover, unlike developed economies, the SAARC economies also need to factor in the inter-linkages between growth and socio-economic outcomes. Even a small decline in growth may have magnitudinally wider repercussions as growth is critically linked with inter-regional equity and poverty. Hence the region needs to calibrate the time and magnitude of adjusting to the global new normal.