I would like to add that there is a general consensus that emerging economies – taking into account their growing influence and the size of their GDP and the contribution of their growth to global prosperity – should become more influential at the level of the global economic institutions. The G20 is taking more and more influence, which I welcome.
In describing how I think of social capital, I use the term ‘wellbeing’ quite deliberately. While in monetary policy, we might be primarily interested in cyclical developments around inflation, output, or employment, I think wellbeing better captures many of the intergenerational macroeconomic challenges we face, although of course cyclical developments are relevant to wellbeing.