In my remarks, I will try to bring together these three themes from the perspectives of the euro area and of the central banker. What are the challenges of globalisation for the euro area economies and for the conduct of the ECB’s monetary policy?
In answering this question, I will address the following specific issues: •  the consequences of globalisation for inflation and its dynamics;  •  the implications of globalisation for the size and sustainability of global imbalances;  •  the appropriate policies, globally and in the euro area, in order to effectively contribute to the orderly correction of global imbalances; and  •  the role and conduct of the ECB’s monetary policy in a globalised economy.