Towards Rules of the Monetary Game

There are few areas of robust growth around the world, with the IMF repeatedly reducing its growth forecasts in recent quarters. This period of slow growth is particularly dangerous because both industrial countries and a number of emerging markets need high growth to quell rising domestic political tensions. Policies that attempt to divert growth from others rather than create new growth, or that create growth while fostering instability elsewhere, are more likely under these circumstances. Even as we create conditions for sustainable growth, we need new rules of the game, enforced impartially by multilateral organizations, to ensure countries adhere to international responsibilities. [IMF/Government of India Conference on Advancing Asia: Investing for the Future].