While the worst potential outcomes from the economic crisis have been avoided, in large part due to prompt and massive world-wide policy stimulus, many countries will have to face up to severe macroeconomic imbalances during the recovery period and beyond. These include large output gaps, high unemployment, wide fiscal deficits and the need to exit from exceptionally loose monetary policy. In addition, while global current-account imbalances receded in the immediate aftermath of the crisis there are concerns that they will reappear with the recovery. These imbalances are not independent and addressing some of them could aggravate others, including those in other countries, and could also endanger the recovery.1 This paper considers what combination of policies is likely to be most successful in delivering balanced global growth by means of examining a number of alternative stylised scenarios to 2025. Given the nature of the exercise, none of these scenarios should be considered as a forecast.