Unwinding global imbalances
It is useful to view the current issue of global imbalance in a broader perspective. Global integration has provided immense benefits to Asian economies and in a process served the global economy well. Some examples in this context could be given. For instance, China has benefited from global integration but it has also contributed in containing inflation. Again, India has contributed by providing services to the global economy at a highly competitive rate. India has benefited in terms of receiving large remittances from non-resident Indians staying abroad. We have to address the global imbalance in such a manner so that the benefits of global integration continue in an uninterrupted fashion. Clearly, Asia has an important role to play in conjunction with other countries in the process of unwinding of global imbalance.