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icy response should also be of a dual nature, one part of which involves a short-run response and the second part of which involves a medium-term response. In the short run, whatever is feasible should be done to support economic recovery. In the medium term, is the preparation to pursue a credible exit strategy from the extraordinary policy interventions while developing an effective framework for financial supervision. The short-term, response will help pave the way to recovery. The second, medium-term, response will help ensure that organizations do not experience a similar crisis in the future.

The ongoing global financial crisis can be largely attributed to extended periods of excessively loose monetary policy over the period 2002-04. Very low interest rates during this period encouraged an aggressive search for yield and a substantial compression of risk-premia globally. Abundant liquidity in the advanced economies generated by the loose monetary policy found its way in the form of large capital flows to the emerging market economies. All these factors boosted asset and commodity prices, including oil, across the spectrum providing a boost to consumption and investment. The ongoing deleveraging in the advanced economies and the plunging consumer and business confidence has led to recession in the major advanced economies.

The current crisis has shown that there is a need for more rigorous regulation of the global financial system. Such regulation needs to meet two fundamental requirements. First, it needs to prevent the excessive risk taking that we have been observing in financial markets over the past years and that led to the creation of asset price bubbles and large imbalances in the global economy. At the same time, it needs to create an environment that is conducive to sustainable growth for economies in the long run.

The international community has swiftly reacted to the need for greater coordination of policies and regulation of international financial markets。

National governments have in addition undertaken an unprecedented concerted fiscal expansion to stimulate demand and foster confidence in economies. Governments have also decided on a broad set of measures to support the banking sector and strengthen the stability of the international financial system. These measures include the injection of new capital, guarantees on bank debt and deposits, as well as large-scale schemes that aim at coping with the issue of impaired assets.

The current crisis has been one of the most difficult financial and economic episodes in modern history. There are tentative signs that the sharp decline in economic activity may be slowing. A leveling out of economic activity is the first step toward recovery.

The financial market turbulence, which began some 20 months ago, has grown into the largest and most complex crisis since the 1930s. The real world economy is now feeling the full force of this financial crisis; it's a very difficult period, although there are a few signs that the global economy could possibly be close to the cyclical trough. However, the route to recovery is unlikely to be straightforward, and the downside risks to growth remain considerable.

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