Not that we knew much about this in the first place, as some people would have you believe! Should monetary policy react directly to exchange rate movements or should it only focus on inflation and real GDP? It is often asserted that the more we integrate global markets, the more we have to sit back and let markets work.
Can central bankers in small open economies faced with unprecedented capital flows afford to do just that? How interventionist should a central bank be under such circumstances? How resilient are our monetary policy frameworks? Do we need more sophisticated economic and monetary models to address the monetary policy challenges stemming from globalization?