国际英语新闻：Post-crisis challenges urge global economic cooperation

Over the past two years, many countries have borrowed massive loans to stimulate their economy.

The IMF estimated 4.5 trillion-U.S. dollar bonds would be issued globally in 2010, tripling the average amount of money that the developed economies have borrowed in the past five years.

To alleviate the investors' concerns and avoid a global sovereign credit crisis, each country should regulate its fiscal order and curb deficit and the sharp rise in public debts.

The exit strategies from monetary and economic stimulus policies, adopted since the start of the financial crisis, have also brought new challenges to the world economy and added uncertainty to its recovery.

This year, the effects of the stimulus policies are estimated to be weakening. The rebound of inflation pressure is forcing countries to consider an exit from their stimulus strategies.

However, when and to what extent the main economies withdraw their stimulus strategies vary due to differences concerning the impacts they have suffered, the pace of their recovery and the outlook of inflations.

Historical experiences show that unordered and untimely "exit" will only lead to severe consequences. Therefore, all countries should cooperate in the timing and rhythm of stimulus withdrawal to keep the recovery stable.

Financial regulatory reform is another challenge. The financial crisis, which had been triggered by systematic and fundamental lapses, was also attributed to the lack of effective financial regulation in some developed countries.

Although some progress has been made in reforming financial regulation at the end of 2009, heavy bargaining still existed between stakeholders in the United States and the EU.

To avoid a new crisis, cooperation should therefore be boosted to promote financial regulatory reform.

Furthermore, all countries should fulfill their commitments made at the Group of 20 financial summits, ensure that emerging countries have a greater say in international financial organizations, and promote the structural reform in the governance of the IMF and the World Bank.

Regarding the improvement of the financial system, the nations should enhance cooperation in cross-border supervision and crisis management as well as payment regulation in financial institutions, so as to provide an early assessment, warning and handling of possible risks facing the international financial system.