The following decades have witnessed great changes in global political and economic environment, including emergence of many newly independent sovereign countries, collapse of the Bretton Woods system, the oil crises in the 1970s, the international debt crises in the 1980s, booming international private capital flows throughout most 1990s and subsequent capital account crises in several emerging markets in the late 1990s.
3/5  BIS central bankers' speeches  This transition to a circular economy requires interventions on the supply side, such as ecodesign and longer life cycles of products, as well as on the demand side, through a change in consumption patterns and a more efficient management of waste, with appropriate financial incentives and community engagement.