Global crisis taking toll on global growth and welfare has raised the need for global cooperation in solving the pressing problems of today, stated Reserve Bank of India Governor D. Subbarao in Colombo on Tuesday. Delivering the 60th anniversary oration on ‘Frontier Issues on Global Agenda – emerging economy perspective,’ at the Central Bank of Sri Lanka (CBSL) , Dr. Subbarao said that the ‘crisis has taught us that no country can be an island and that economic and financial disruptions anywhere can cause ripples , if not waves , everywhere.’ He emphasized that ‘crisis has taught us that given the deepening integration of countries into the global economic and financial system, uncoordinated responses will lead to worse outcomes for everyone.’ ‘The global problems we are facing today are complex and not amenable to easy solutions. Many of them require significant and often painful adjustments at the national level, and in a world divided by nation-states, there is no natural constituency for global economy. At the same time, the global crisis has shown that the global economy as an entity is more important than ever,’ he said. The adjustments that are required as part of the collective efforts to get out of the present crisis ‘will be painful for every country’ but there was no easy way out. The steps had to be taken or the global economy would be headed for another crisis sooner or later. ‘We should cooperate not only to firmly exit from the crisis, but also to ensure that in resolving the crisis, we do not sow the seeds of the next crisis,’ he said. Dr. Subbarao warned that after the crisis, there would be a tendency for most developed nations to resort to protectionist policies. ‘Recent international developments mark an ‘ironic reversal’ in the fears about globalization,’ he said and added that earlier the developing economies feared integration into global markets, but now the developed world was resisting because the electorate in those countries have been led to believe that, at one level, globalisation meant loss of jobs. In actual terms, for the low-end jobs shipped abroad, better paying jobs were being created in those countries. But if creation of this better paying job lags, as it sometimes does, then, people would find it difficult to accept shipping out of jobs to other countries, he added.