This dilemma was well summarised in the recent communique from the IMF, which noted that "Fiscal policy should be used flexibly and be growth-friendly, while enhancing resilience, avoiding procyclicality, and ensuring that public debt as a share of Gross Domestic Product is on a sustainable path". This is a tricky combination of requirements to meet simultaneously.
In terms of major policy issues, the need for financial sector reforms and smart regulation is also significant. At the epicentre of the global financial crisis were deregulation, weaknesses in banking system governance structures and erosion of fiduciary responsibility and trust.