The quantitative easing adopted by the Fed, the ageing population in Japan, the Arab Spring, and the threats of climate change appear as distinct and distant events. The same is true for Mario Draghi’s monetary policy, the US presidential elections, the slow-down in Chinese economy, the risks posed by Brexit, oil price fluctuations and the nuclear agreement with Iran. As a matter of fact, these phenomena are much more intertwined than it appears. Links between monetary policy, economic growth and international affairs have always existed, but have presently reached a level that makes it difficult to understand the cause/effect relationship and to efficiently manage crises. Therefore, an understanding of interdependencies in the present world is a must for policy makers.
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