And while policy decisions need to be sensitive to growth dynamics, they also need to take into account that monetary policy cannot address structural deficiencies holding back the economy. Conclusion Let me then conclude by saying that the challenging times we face as the BRICS are by no means unique to us. Indeed, the entire global economy is at a difficult juncture at present.
On the whole, emerging markets appear to be relatively more resilient today than they were in the 1990s, for example, when rising US interest rates precipitated a widespread crisis.