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zeti akhtar aziz : global policy perspectives speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the federal reserve bank of kansas city economic symposium : overall panel on “ global policy perspectives ”, jackson hole, united states, 1 september 2012. * * * it is my honour to be invited to speak on this closing panel, to discuss global policy perspectives at this year ’ s economic symposium, in this magnificent environment at jackson hole. my remarks will focus on global policies from the perspective of a policy - maker from an emerging economy, to discuss the evolving new frontiers of global policies, the global policy spillovers in particular to emerging economies, and on the policy priorities in emerging asia in this environment. the global economic and financial landscape has changed tremendously over this recent two decades. yet the underlying motivation and progress in policy - making have not reflected these changes. the disparity between policy and the new landscape has become increasingly more evident since the 2008 global financial crisis. policy - makers have thus been challenged in preventing the build - up of the risks and imbalances prior to the crisis, arresting and containing the crisis once it had erupted, and then managing its aftermath. at the national level, these changes are well known. driven largely by innovation and advances in technology, we now have more highly complex and more inter - connected financial systems with financial activity that has broadened to beyond the traditional financial intermediaries. more profound are the fundamental changes associated with the globalisation of finance, which has resulted in a more connected and inter - dependent world. since the onset of the crisis, the policy response at the national level has been extensive and on an unprecedented scale, aimed to restore the functioning of the financial system and to arrest the steep deterioration in economic activity. monetary policy was eased substantially, with interest rates brought down swiftly to historical lows. the cumulative fiscal expansion during the period 2007 – 2009, amounted to close to an average of four percent of gdp. meanwhile, financial sector policies gave priority to stabilising financial markets and restoring credit flows. while an economic depression has been averted, monetary accommodation has continued with large scale financial market interventions to support the recovery. fiscal policy, however, shifted to address fiscal sustainability and the increased public indebtedness, following the massive stimulus and support to the financial sector. the challenge is to achieve this consolidation, while ensuring that the economic recovery and market confidence are not undermined. on the wide -