"8 I think his observation explains why not enough attention was given to Mill’s advice about “free trade plus compensation". We are at risk of a backlash against international trade because leaders in some countries have not been able to give convincing answers to those who have seen their standard of living decline, either due to free trade or due to technology.
Ladies and gentlemen, even this short overview shows what a long way we have to go to achieve financial stability. Developing a viable monetary policy operational strategy has taken several decades; we will not have that much time to come up with a sustainable macroprudential strategy.