strong macroeconomic foundations, solid financial systems, flexible policy frameworks and a firm basis for sustained growth are the best antidote to an adverse external environment. In fact, the current episode of volatility is once again showing that rather than looking for magic formulas, countries should concentrate on meeting these requirements.
Furthermore, the need to adhere to this path is far more evident at present, since the complexities of external conditions, if anything, are likely to accentuate in coming years. Having said this, it is also clear that the responsibility for overcoming the current difficulties, and more generally for ensuring a healthy evolution of the world economy, does not lie on EMDEs only.