As is clear from the papers included in this eBook, there are strong differences in views regarding the global welfare implications of global imbalances and efforts to re-balance the world economy. Whatever one’s views, the implications of the policy responses to large imbalances will have major repercussions for developing economies. Recourse to protectionism on the part of large defi cit countries should be avoided at all costs. Coordinated responses – such as a concerted effort to further liberalize access to goods and services markets – are among the options discussed in this volume that have not attracted much attention by policymakers to date, as illustrated by the impasse in the Doha Round negotiations.