Our conference today will not be dealing with the ramifications of this trinity, although it remains the subject of academic debate, as the research work by Hélène Rey, for example, shows. Instead, it’s another trinity, the trinity of monetary, financial and fiscal stability, that is the focus of today’s conference.
And while this trinity should not be an impossible one, the recent financial and sovereign debt crises suggest that it might be a more improbable one than everyone perhaps thought ten years ago. Even if Robert Mundell and Marcus Fleming are counter-examples, I think that economic research benefits from an exchange of views.