In a global world with increasingly interdependent economies and interconnected financial markets, high currency volatility and fast movements of capital may be a source of instability, both in emerging and advanced economies. And a local problem can rapidly become a global risk.
A joint decision for a greener economy may enable us to better manage the timing of an economic adjustment, minimizing uncertainty and volatility, opening up new paths for growth. However, the transition will not be without difficulties and decisions on monetary policy in any case remain very intricate. Even if an agreement was found to slow global warming, the “temperature” in central banks remains very high.
Non standard monetary policy, European integration, and lessons learned from the financial crisis were some of the topics of the conversation with Jean-Claude Trichet organized by Marco Magnani, Senior Fellow at Harvard University.
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