It was John Maynard Keynes who said that “the difficulty lies not so much in developing new ideas as in escaping from the old ones”. In recent months, economies have faced challenges of unprecedented proportions. They need exceptional solutions.

The confluence of the worst financial crisis for generations and the surge in commodity prices has hit every country – the result of fundamental changes in the world economy. These twin shocks demonstrate the need for new, comprehensive approaches to maintain stability, both in economies and financial markets. For just as no government on its own can combat global terrorism or tackle climate change, so no government alone can put in place the right safeguards to secure the benefits of economic integration.