Second, I will trace  1  S. Fischer, “International Macroeconomic Policy Coordination,” International Economic Cooperation, edited by Martin Feldstein, NBER, (Chicago, University of Chicago Press, 1988) 11–43. BIS central bankers’ speeches  1  the evolution of thought since that time, and track the principal drivers behind the apparent change in attitude.
Finally, I will present an example, drawn from the Bank of Canada’s own modelling work, that highlights the prospective benefits of more effective policy coordination in the context of the current challenges.