But given the increasing interconnectedness of national economies, a legitimate question is whether there should not be greater policy cooperation, or even concerted action, in response to major common shocks. Here's how I respond to that question, and I will certainly be very interested to hear the views of others.
First, let me note that we central bankers greatly value our bi-monthly meetings at the Bank for International Settlements, and our regular meetings at the International Monetary Fund, where we systematically discuss the world economic situation. So there is an important process in place for exchanging information on what is going on in our domestic economies as well as globally.