# Rethinking reserve management

The crisis has put most developed economies under a level of strain not seen for many decades. The collapse of the financial system has also highlighted the need for sound public-sector policies and competent policymakers. Let me be clear. There is no policy framework that can prohibit countries from recession. But officials can make a significant contribution to alleviating, and exacerbating, the pain caused. Central bankers are among those that, at least to some degree, should be credited with

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