Along with the change in the aims of monetary policy in the last fifteen years, the operational framework for the conduct of monetary policy underwent several stages of evolution across the world.
For example, increased sensitivity to financial shocks and widening income gaps could be attributable to a number of other factors, including technological change,9 and the two processes are increasingly interrelated.10 Still, just as it is important not to overreact to criticism of globalisation, it is equally important to retain a sense of humility – to acknowledge that globalisation raises profound questions about fairness, stability, equity and democracy, which need to be properly debated and, where necessary, answered by means of effective public policies.