Looking at the longer horizon, at the next strategy review, it is worth discussing what monetary policy framework is mostly fit for the new issues that relate to climate change risks, retreating globalization, and returning geopolitical threats. To this end, I am grateful for this opportunity to exchange the views in this panel discussion. Monetary policy
Second, there are indications that the narrowing of risk premia observed in many markets and asset categories may not be fully on a sustainable basis. This implies the possibility of an abrupt and broadbased widening of risk premia. Given the unprecedented degree of financial interdependence, the consequences might be serious.