Further, in taking a global view and charting domestic reforms, there is need for built-in flexibility. The implementation of international standards involves a virtual paradigm shift say, from a strong centralised planning system (where the objectives are pre-determined and Fabian socialism dominated along with suspicion of markets) to a system where contracts, prices and well defined inter-institutional relationships work.
I am looking forward to hearing his views based on his long experience in macroeconomic policy management in the euro area. In the keynote speech, Professor Carl Walsh of the University of California, Santa Cruz, the new Honorary Adviser to IMES, will share his views on monetary policy frameworks under a low inflation and interest rate environment from an academic perspective.