higher average incomes) and the costs of higher volatility (income varies more around this average) is a long-researched issue in trade economics. [xviii] It means we are more vulnerable to the ‘the shifts and the shocks’ in the global economy, or as Havel put it, the “tumult of the world”.
When, four and a half years ago, the ECB started conducting monetary policy for the euro area, we decided to participate in this initiative launched by the CFS as we felt the need, as a new central bank, to quickly establish active channels of debate with the market, academic, and press communities. We now continue to benefit from these meetings on a regular basis.