6 • A situation of uncertainty, like the one we face today, enhances the case for policy cooperation, since by increasing volatility it is equivalent to an additional spillover effect. Which are the possible areas for enhanced international monetary cooperation?
Paradoxically, there are actions at the national level in advanced economies that can be seen as a way of international cooperation in view of their potential global repercussions. The first one relates to communication. As I noted above, in the current setting, a latent source of spillovers derives from a still-substantial degree of uncertainty regarding the future course of monetary policy in advanced economies.