Globalisation therefore does not expand the need for international monetary co-operation beyond an open exchange of views and information. The best international architecture is one in which each central bank has a clear mandate to focus on domestic price stability. 4.
Greater microeconomic flexibility would not only allow our economy to take better advantage of the opportunities provided by globalisation, but would also facilitate macroeconomic adjustment in the wake of shocks and improve the resilience of the economy. Globalisation therefore intensifies the need for more flexibility in product and labour markets. BIS Review 28/2008  5  5.