During this period, the global economy remained mired in uncertainties and domestic recovery was also not assured. Fourth, the initial rounds of monetary policy response was in the nature of normalisation from an excessively stimulative stance in a non-disruptive manner. The policy response was calibrated to the domestic growth-inflation dynamics. As growth took hold and inflation became more generalised, monetary policy response was strengthened.
Reforms are needed, in fact long overdue, to improve their functioning in order to increase their legitimacy and safeguard their role in the future. It is easier to reform the existing institutions than to dismiss them and try to build new ones. By definition, however, multilateralism cannot be preserved by the goodwill of one side alone.