Against this backdrop, I had observed in my intervention at the Introductory Session of the IMF’s International Monetary and Financial Committee (IMFC) meeting in October 2019 that we (all member countries) need to act now and together to prevent the slowdown from becoming entrenched. 14. Global growth is widely talked about in India because it influences domestic growth as well.
A lesson to be drawn from the global financial crisis is that regulatory authorities placed too much emphasis on microprudential surveillance, and as a result, they ignored or indeed turned a blind eye to the adverse effects of the accumulation of aggregate risk.