Global Challenges and Opportunities Finally, let me highlight three areas where International Financial Institutions (IFIs) can play a key role to promote a stronger and more sustainable recovery, a more resilient global financial 4/5  BIS central bankers' speeches  architecture, and a fast-paced development of low- and middle-income countries.
First, emerging markets’ development requires strong macro-policies and a consistent integration strategy to the world economy. In this regard, the valuable IMF’s Integrated Policy Framework could be useful not only to expand the instrument toolkit to face international capital flows and other shocks, but also to develop a “policy roadmap” to stay the course towards a stronger, deeper, and long-lasting trade and financial integration.