2 / 18  BIS central bankers' speeches  This shift in global governance, in turn, has contributed to the belief that the EU may be more exposed to the risk that the monetary power of others is not used in its best interests, or is even used against it. [9] See, for example, European Commission (2018), ibid.
These risks are not new, of course. As Tommaso Padoa-Schioppa once noted, the demise of the gold standard shifted monetary management away from international constraints and towards domestic priorities. In Padoa-Schioppa’s words, this is when “monetary nationalism took over”.