Global financial stability is improving -- we have begun to turn the corner. But it is too early to declare victory as there is a need to move beyond liquidity dependence -- the central theme of our report -- to overcome the remaining challenges to global stability.
In the world of personal finance, where consumers constantly are forced to make decisions about daily cash-flow and paying bills, the availability of up-to-date reliable financial information is critical.
As the economic crisis abates, there is an emerging consensus that a better safety net is needed to enable countries with good policies to insure against bad outcomes, especially when they are innocent bystanders.
What advanced countries need is clarity of intent, an appropriate calibration of fiscal targets, and adequate structural reforms. With a little help from monetary policy, and from their (emerging market) friends.