What I propose to do therefore in my lecture today is to question the questions in four crisis related areas addressing them in the global context and the Indian context. 2  BIS Review 95/2009  Global imbalances The first issue relates to global imbalances. No crisis as complex as this has a simple or a single cause.
However, there is a fundamental inconsistency relating to time when it comes to the cost-benefit analysis of reform measures: cost is immediate, whereas benefits are only realized in the long 1/2  BIS central bankers' speeches  term. Thus, the time horizon over which reforms yield measurable outcomes usually exceeds a government’s time horizon.