But that can only be the beginning of our response. Going forward, the international financial institutions must and will stand ready to help these countries rebuild their broken economies, and sustain the economic reforms that will be vital to their development and stability long-term. It continues to be a time of great challenge for the global economy. For the kind of strong outcome we all want to see, a number of pieces have to come together. The United States needs to maintain the momentum of its expansion.
Growth needs to be established in Japan and reestablished in Europe.
Confidence, and the finance that confidence can bring, needs to come to the emerging market economies on the basis of strong policies. But the global economy is more than the sum of its parts. And a healthy global economy depends on global choices. The risks around the world are still very much tilted toward lack of growth, spare capacity, and slowdown rather than toward economic overheating. Concerns are about excess supply not excess demand.