These themes appear remote from the main tasks of central bankers, preserving price and financial stability, but at a deeper level all the issues are connected and we should not lose sight of the major changes that affect our societies and economies. In January 2017, Pope Francis’ address to The Global Foundation inspired the main theme of today’s and tomorrow’s discussion.
A negative example is the former Soviet Union, which certainly did not lack for scientific and engineering talent but which had an economic system that was poorly suited for translating scientific advances into economic progress. The experience of the United States over the past decade illustrates the essential complementarity of technology and economics, in my view.