It is a constructive approach to ensure that macroeconomic and structural policies of key countries take into consideration their external spillovers, and in particular the risks they entail for the global financial system. The recently agreed set of indicative guidelines for global imbalances is an important milestone in that respect.
On the one hand, technology is closely intertwined with the evolution of many other factors affecting financial markets and, so, allows coverage of a wide range of issues. On the other hand, it has farreaching consequences for all market participants, and this certainly includes central banks.