I will conclude by addressing two pertinent questions, namely (i) whether central banks need to adapt their monetary policy strategies in order to cope with the challenges of globalisation; and (ii) whether monetary policy has become less effective as a consequence of globalisation. 1  In 1778, Catalonia was allowed to trade with the Americas by decree of Charles III.
2  Adam Smith estimated that “the discovery of the abundant mines of America reduced, in the sixteenth century, the value of gold and silver in Europe to about a third of what it had been before.” See Smith, 1776. 3  Hamilton, 1934. 4  Bernholz and Kugler, 2007.