economy are beginning to emerge on a world - wide basis. although it is still early days, they do point to the beginning of stabilization which is an important first step for economic recovery to take hold. the “ yes ” part of my answer comes from what i see as a major challenge in the ideas and policies on how best to manage the global economy going forward in this era of globalized finance. for instance, with this crisis, we witness a breakdown in the key assumptions that form the basis of our thinking about the efficiency and the self - correcting nature of markets which, for a long time, underpin the rationale for globalization, liberalization, and deregulation. these assumptions are now being challenged. next, in this crisis, the most damage comes from the most regulated sector of the economy, notably the financial sector. what we saw is that, even with regulation in place, the sector surprisingly exhibited important failure in risk management discipline across a variety of institutions and players, including banks, institutional investors, credit - rating agencies, and regulators. on this, a better way to manage risk to support the process of international financial intermediation still needs to be worked out. and finally, the global economy has never before been put in a position that it might have to deal with the consequences of the massive policy response that have been put in place both on the fiscal and the monetary fronts. these 4 consequences are the known unknowns, and the approach we choose to address them will importantly influence the direction that global finance will take going forward. given the focus of this conference is on the stake of emerging economies in the international financial system, let me share with you briefly how emerging economies in asia so far have managed in the current crisis, and how we see the direction of global finance evolving. this time emerging markets are not the cause of the crisis, but are affected by its global contagion. emerging markets in asia, this time, were able to weather the impact of the crisis with a relatively strong initial position. the strengths are found in the region ’ s banking sector, which so far has been resilient because of the limited exposure to subprime - related and other toxic assets, the sector ’ s strong capital base, and its low reliance on external funding. this time external vulnerabilities of the region ’ s economies are low. they are supported by high levels of international reserves, continued current account surplus and low external debt. more importantly, economic fundamentals

. org / reports / world - energy - outlook - 2022 ] world energy outlook 15. international monetary fund ( 2022 ) : public sector must play major role in catalyzing private climate finance [ https : / / www. imf. org / en / blogs / articles / 2022 / 08 / 18 / public - sector - must - play - major - role - in - catalyzingprivate - climate - finance ] 16. international monetary fund ( 2022 ) : public sector must play major role in catalyzing private climate finance [ https : / / www. imf. org / en / blogs / articles / 2022 / 08 / 18 / public - sector - must - play - major - role - in - catalyzingprivate - climate - finance ] 17. international monetary fund ( 2022 ) : how to scale up private climate finance in emerging economies [ https : / / www. imf. org / en / blogs / articles / 2022 / 10 / 07 / how - to - scale - up - private - climate - finance - in - emergingeconomies ] 18. european investment fund ( 2022 ) : [ https : / / www. eif. org / what _ we _ do / equity / news / 2022 / cop27 - eif - supports - 2 - 5 - billion - of - climate - actioninvestment - with - five - venture - capital - private - equity - and - infrastructure - fund - partners. htm ] cop27 ( conference of the parties ) : eif ( european investment fund ) supports €2. 5 billion of climate action investment with five venture capital, private equity and infrastructure fund partners