Globalisation creates additional demand for new and more comprehensive statistics. For instance, in a globalised world the need for monetary and economic analyses in real time requires comparable key macroeconomic statistics across major economic areas, as well as a few worldwide aggregates with appropriate regional breakdowns. Let me just give you an illustration of the potential uses of such aggregates.
As I hinted at earlier, it has been argued that globalisation has affected the inflation formation process, specifically by increasing the sensitivity of domestic price developments to foreign cyclical conditions (the so-called “global output gap hypothesis”).