As the history of this Organization clearly demonstrates, the management and resolution of security crises call for forceful and well-articulated policy responses. My presentation – reflecting my comparative advantage as a central banker – will deal with a crisis of a different kind – the economic and financial crisis that has engulfed the global economy for almost two years.
The International Monetary Funds’ (IMF) latest World Economic Outlook and Global Financial Stability Report (April 2011) reflects a recovery that appears to have solidified. However, growth on average remains below pre-crisis levels, unemployment is high, and  1  The euro zone’s journey to default, 10 May 2011, FT  BIS central bankers’ speeches  1  inflationary risks have picked up.