The most pertinent example here is probably climate change. To combat climate change effectively, the international community needs to agree on a common set of rules – agreements that are only sustainable in the long term if they are underpinned by strong international networks. The Bank for International Settlements (BIS) is one example of a solid international network.
Recent monetary policy Structural reforms have been steadily moving forward, but it will take time until such reforms boost the potential growth rate. In a country where the natural rate of interest has declined, the central bank has to implement monetary policy based on the lower rate.