The grim reality is that, with financial markets becoming increasingly interconnected, monetary-policy measures taken by any of the major economies have international spillover effects. An effective governance mechanism or reliable institution is needed to help emerging markets cope with these effects.
当前全球治理框架的不充分性加剧了这一问题。残酷的现实是，随着金融市场之间的联系日益紧密，任何一个主要经济体采取的货币政策措施都会产生国际溢出效应。我们需要有效的治理机制和可靠的制度来帮助新兴市场克服这一效应。