We need to strike the right balance between two types of policies: those that foster the competitive dynamics of market economies, and those that ensure the social cohesion that is necessary for market economies and indispensable to democratic societies.
Finally, from a multilateral perspective, it seems that the interdependencies between the policies of both the originator and destination countries call for enhanced cooperation. While formal monetary policy coordination would not be feasible in view of central bank mandates, there is scope for enhancing multilateral efforts to deal with adverse spillovers.