Policymakers, in turn, need to have the wisdom to adapt their strategies and policies if and when their old ways turn out be inadequate. And – as always in economic history – economic changes will bring new, unforeseen systemic risks. We should make our economic systems and architectures resilient enough to withstand the realisation of such risks.
However, EMEs have significant domestic objectives and challenges and these must take priority in their policy decisions. Many are dealing with the critical challenge of providing a large proportion of their population access to the most basic necessities, let alone education, health and financial services. An integrated and balanced development strategy makes several demands of the financial system.