[De]Globalisation and inflation Speech given by Mark Carney, Governor of the Bank of England  2017 IMF Michel Camdessus Central Banking Lecture 18 September 2017  I am grateful to Clare Macallan and Iain de Weymarn for their assistance in preparing these remarks. I would also like to thank Will Abel, Fernando Eguren Martin, Rebecca Freeman, Alex Haberis, Simon Lloyd, Rana Sajedi, Andrej Sokol, Gregory Thwaites, Thomas Viegas, Matt Waldron and Gabija Zemaityte for the background research and analysis they conducted as well as Wayne Chapman, Chris Peacock and Lyndsey Pereira-Brereton for help with the presentation materials. 1  All speeches are available online at www.bankofengland.co.uk/speeches  I. Introduction During his term as Managing Director, Michel Camdessus oversaw the second great wave of globalisation. The Berlin Wall fell, capital controls were liberalised, the euro was constructed, and China prepared to join the WTO. Product and financial markets became increasingly integrated, with trade growing at an annual rate of 10% and capital flows of 20%. The effective global labour force doubled, and more than a billion people were lifted out of poverty. Central banks are now grappling with one consequence of such enormous achievements – the impact of globalisation on inflation. All central banks must consider the cyclical relationship between global slack and domestic inflation; the degree to which secular forces from globalisation affect local inflation dynamics; and how global factors influence the stance of domestic monetary policy itself.
SAMA effectively contributes to the efforts exerted in international regulatory reforms, enabling SAMA to cope with the latest developments and international standards in supervision and control. On this occasion, I pray to Almighty Allah to preserve the security and stability of our country and may the Kingdom’s continue its development march under the wise leadership of the Custodian of the Two Holy Mosques, Crown Prince and Deputy Crown Prince. 2  BIS central bankers’ speeches