Equally, the vulnerabilities caused by the greater integration and exposure of domestic markets to the global economy, which was one of the significant outcomes of the  BIS central bankers’ speeches  1  development strategy initiated in 1991, cannot be wished away.
If economic performance is not to be held hostage by global turbulence, certain safeguards have to be built in to the strategy. The productivity and efficiency gains that emerge from domestic competition and global exposure have to be balanced with safety and stability concerns that might require the imposition of certain boundaries on these forces.