1  “Prospettive sullo sviluppo economico dei paesi emergenti”, Banca Popolare dell’Etruria e del Lazio – Studi e Ricerche, 1999. 2  “Crescita e Sviluppo delle Nazioni”, Libreria UTET, Torino, 2005, page VII. BIS central bankers’ speeches  1  The Doha Round of multilateral trade negotiations, which was launched in 2001 was partly devoted to address these issues.
(2021), “On the interaction between monetary and macroprudential policies”, ECB Working Paper Series 2527. 10. As explained by Martin et al. (2021, ibid. ), a simple rationale comes from an “envelope-theorem” argument: a local deviation from the central bank’s focus on price stability would lead to second-order losses with regard to inflation but could lead to first-order gains with regard to financial stability.