Finally, it is pertinent to note that, in an increasingly globalised world,
international cooperation and measures are more than ever needed.
Always, though, we should heed Keynes’s dictum that achieving internal balance must take precedence over achieving external balance. Keynes
advocated permanent capital controls and only freer trade until, or
perhaps even if, internal balance had been attained nationally and
internationally. To us, this still seems a wise guiding principle.