The degree of uncertainty is the factor to watch in global shortterm economic developments. European Monetary Union has repeatedly spared us turmoil in the euro area. On the other hand, it has led to tremendous changes within Europe. One of them – and one of vital interest to me – is the changing role of the Bundesbank in Europe.
On the other hand, it is necessary to pay attention to the possibility that, if the fruits of growth are concentrated in a small fraction of society and inequality increases, it may be difficult to achieve inclusive economic growth. III. Policy Challenges Next, I would like to review the policy challenges facing central banks.