José Manuel González-Páramo: On the occasion of the inauguration of the Euro Exhibition in Barcelona Speech by Mr José Manuel González-Páramo, Member of the Executive Board of the European Central Bank, on the occasion of the inauguration of the Euro Exhibition, Barcelona, 2 February 2009.
For one thing, globalization has likely made the domestic economy more sensitive to foreign shocks, so central banks must now pay more attention to events around the globe. And, the integration of China and other countries into the world market economy has expanded the scale and complexity of the foreign developments that central banks must monitor.