We have to accept fluctuations, otherwise we would have no market economy – we would be in the Soviet Union. On the other hand, it is extremely clumsy to amplify those booms and busts. We have to concentrate on augmenting the resilience of global finance.
And finally we have also to improve surveillance of the macro policies of systemic economies in order to prevent the piling up of domestic and external imbalances. The Financial Stability Forum and the IMF have a decisive role to play in these respects. 4  BIS Review 34/2009