7  See IMF (2009): “Lessons of the Global Crisis for Macroeconomic Policy”, 19 February 2009; Blanchard, O. (2008): “The Crisis: Basic Mechanisms, and Appropriate Policies”, MIT Working Paper 09-01. BIS Review79/2009  3  of literature, including that published by the IMF until 2007, showing how global savings– investment imbalances have played a fundamental role that must not be neglected.
While this would require continuing policy response to emerging challenges in many spheres, integration with global economy will be an important factor in sustaining the growth momentum. We have to be alive to the challenges of both growth and stability and steer the policy regime relating to cross border transactions in tandem with the needs of the economy.