This volume contains an illuminating and unbiased synthesis of the collected wisdom on crisis-related research by recognised luminaries amongst academia, policy makers and market participants. Giving due credit to the vigorous policy measures taken by central banks to mitigate the effects of the global financial crisis, the experts have presented their valuable, thorough and analytical insights into a wide-ranging gamut of issues including monetary policy, debt crisis, exchange rate policies, financial stability imperatives and regulation, international financial frame-work, exit policy, asset price bubbles and treatment thereof. What is noteworthy is that arguments from across the entire spectrumof economic theory and policy In these areas appear with a singularly smooth dovetailing of points and counter-points, making it a pleasurable reading even for a non-economist, while satisfying diverse queries raised about the causes and implicationsof the crisis, the coordina ted efforts of the central banks to prevent the crisis from worsening, and what should be done to prevent such a crisis from happening again. The wealth of discussions and analyses in this volume holds true for the events currently playing out in the global financial arena and would need to be heeded by all policymakers-present and future.

SUBIR GOKARN is Deputy Governor of the Reserve Bank of India, overseeing monetary policy, financial markets, research and communications, He also represents the Reserve Bank at the G-20 Deputies' forum. Prior to joining the Reserve Bank, he was Chief Economist for Standard & Poor's Asia-Pacific.