Emerging markets (EMs) are at the crossroads of three major transitions facing the global economy: an increase in U.S. interest rates, China’s shift to consumption-led growth, and lower commodity prices. Against this backdrop, many EMs also face rising private debt and leverage. These circumstances present both challenges and opportunities for EMs. This session will examine both the tradeoffs and policy tools needed to navigate these uncertain times, including polices aimed at gradual de-leveraging while limiting the impact on growth.