In my address, I thought I would take this opportunity to stand back from the actual play of events and try to gain an understanding of the nature of the turbulence, why it happened, where it happened, and the implications for central banks.
In the rest of my address, I will reflect on some overarching forces that led up to and characterized the recent spate of events, the specific responses of central banks and some challenges that are likely to face them as the future unfolds. I. What is going on?