On the one hand, the extra Asian spending would have pushed up world demand. On the other hand, higher inflation, higher world interest rates and reduced US spending would have held it down. But the imbalances in international payments would have been smaller.
The United Kingdom has taken encouraging first steps. Companies and financial institutions listed in the UK (United Kingdom) are expected to put forward transition plans from 2023. This initiative sends a strong signal to firms and financial institutions that they must deliver on their commitments. In the EU (European Union), the disclosure of transition plans is also under discussion.