Cooperation in times of crisis, like during the initial phases of the COVID crisis, was crucial for staving off an economic disaster, putting us on the road to recovery, and helping avoid long-run scarring and was the appropriate way to serve the Fed’s dual mandate.
Let me give you an example: In the euro area, the relationship between growth, export performance and trade has gained much attention. I therefore wanted to know more about the facts and myths of this matter. At the heart of the issue is the diverging export performance of Germany and France: Since 2000, Germany has been experiencing a sharp rise in net exports.