BIS central bankers’ speeches  5  recessions and create new classes of jobs and a virtuous circle of improving confidence and expanding economic capacity. There are also positive signs pointing to improved labour productivity. But there is still considerable uncertainty on the road ahead, and relatively weak performance in the recent past should temper our expectations.
For a long time, stronger forms of international policy coordination were deemed unnecessary: many theoretical and empirical analyses in the 1980s converged to show that any gains from such macroeconomic coordination were likely to be of modest size. However, we may now need to revisit that fairly sceptical conclusion.