These shocks are changing the nature of globalisation and of international cooperation, with potentially severe implications for the real economy. One important driver of structural change is climate change. Internalizing climate-related externalities requires an adjustment of relative prices. Eventually, implicit subsidies to the real economy arising from the underpricing of climate externalities and of energy security need to be withdrawn.
Yves Mersch: Promoting innovation and integration in retail payments to achieve tangible benefits for people and businesses Speech by Mr Yves Mersch, Member of the Executive Board of the European Central Bank, at the American European Community Association, Brussels, 7 February 2019. * * * New technologies are transforming the entire economy, our daily lives and also the way we pay.