At a minimum, the evolving character of the crisis has forced policy makers to work on an effective response under exigent circumstances. In the remainder of my remarks today, I would like to shed light on the on-going policy response from the point of view of a monetary policy practitioner in a central bank.
I will do this by drawing on the relationship between globalisation and monetary policy in recent years and considering the extent to which both variables have influenced each other in either a “virtuous” or “vicious” manner.