摘要：THOUGH MANY KNEW that the risks of a severe financial crisis
were mounting, the necessary changes in policies and
practices, both in mature economies¡¯ financial sectors as well
as inmany new emergingmarkets, were stymied by procrastination
during the 2003¨C2007 boom.1 No one was willing or
capable of taking the punch bowl fromthe party2 and the global
institutional set-up did not have the leverage to do so.Most
economic and financial experts severelymisjudged the timing,
and underestimated the speed and severity of the current
financial crisis. As a result, despite strong macro policy
responses, the current situation (in July 2009) remains full of
uncertainties. Going forward, the key challenges will be to
accelerate the recovery with adequatemacroeconomic policies,
to increase future productivity in developing countries, while,
at the same time, enhancing the regulatory framework of the
financial sector to prevent new crises and avoid asset bubbles.
