I do not mean that central bankers sit around a table and make policy collectively, nor do I mean that they call each other regularly and coordinate actions. We certainly communicate with one another enough at the BIS.
In its strong form, I propose that large country central banks, both in advanced countries and emerging markets, internalize more of the spillovers from their policies in their mandate, and are forced by new conventions on the “rules of the game”, monitored by an impartial agency, to avoid unconventional policies with large adverse spillovers and questionable domestic benefits.