One of the things we need is for price and wage demands to abide by the inflation target, so that we achieve a lower inflation rate more consistently. Attaining these outcomes will require change, including institutional reforms. And reforms will create space for monetary policy.
Mark Carney, governor of the Bank of England, has recently warned that the global financial system is backing carbon-producing projects that will raise the temperature of the planet by over 4°C. More than double the pledge to limit increases to well below 20C contained in the Paris Agreement.