This kind of cooperation seems different from the way it is treated in theoretical models, where cooperation takes the form of policy-makers agreeing on a configuration of policies to maximise global welfare.14 I do not think this difference matters.
For me, the main value added coming from the economic literature consists in identifying and quantifying the implications for welfare of spillovers across economies and policies. Cooperation between the ECB and other major central banks is and will remain extensive and effective, building on a common ground of shared experience and mutual trust. Thank you for your attention.