Time for a new consensus, presents a set of policy recommendations at the national level and also points out to the need of regional and global coordination. The report argues that source and recipient countries ‘need to commence serious discussions at the IMF or elsewhere, on how source countries can effectively contribute to the stability of financial flows’. The report also stresses that developing countries need to start working ‘in regional configurations to coordinate capital account management’, and that both ‘rich and developing countries need to coordinate to remove the policy hurdles resulting from investment treaties and free trade agreements’.