Timothy F. Geithner, CEO of the New York Reserve Bank, remarks (March 2006) that we are in the midst of another ......... of global economic and financial integration.

Stronger real and financial ......... across nations have the potential to significantly raise the prospects for long-run world growth.

The ......... development of the market sector in emerging market and developing economies offers probably the most powerful means available for raising income growth and living standards in a very large share of the world's population.

These changes, and the ......... advances in technology, offer the prospect of more productive and stable real economies.

The increase in the ties between national financial systems and the increase in capital flows across borders, allow risks to be shared more broadly and capital to flow to where the returns are ..........

This process of integration has, of course, a range of ......... for policymakers.

The benefits of integration over time are powerful and ......... for all economies.

Economic integration may make the principal job of central banks easier, by contributing to productivity growth and reducing inflation pressure, at least during the transition when a large share of the working age population of the world is being ......... into the market.

Our understanding of how these changes affect our capacity to forecast economic activity and inflation and our ability to assess how monetary policy affects the economy almost certainly ......... the changes underway.

As the world progresses toward increasingly integrated financial and goods markets, other things being ........., one might expect to see an increase in the number of countries with surpluses or deficits, as flows of both financial assets and goods work to equalize desired saving and investment around the world.