This limits the room for policy options and it may justify some trust that adjustment processes led by market forces will allow for a smooth transition to a more balanced world economy. But, given the uncertainty surrounding a purely market-led adjustment process, there is a justification for supporting policy responses. Global imbalances are, by definition, multilateral in origin.
With our financial stability analysis, which has been well established over a number of years, we have already laid important foundations for such a role. 4  BIS Review 22/2009  Conclusion Let me conclude. I have mentioned the lines of defence established by central banks and governments, to safeguard, respectively, liquidity and solvency in the financial system.