We probably won’t get back to the pre-crisis pace of globalization. This pace was probably unsustainable anyway. We should nonetheless achieve close to the right balance between sustainable growth and financial stability. I’d like to thank Paul Chilcott and Alexandra Lai for their help in preparing these remarks.
In the case of natural disasters such as earthquakes,8 building standards – properly enforced – can reduce deaths, and disaster recovery plans can help after the event. The move over recent decades to grant independence to central banks owes much to the problem of time consistency.