It is also a central theme for all other central banks. The central bank works right at the nexus between the domestic economy, on the one hand, and global markets and policies, on the other. Central banks have their responsibilities at both national and international level.
When the world changes, the central banks are among the first to feel the changes; they work inside the changes as it were, and they may even be able to manage them. At this time, the world economy is undergoing profound changes that pose formidable challenges for both central banks and economic researchers. We are witnessing a process of great convergence.