See ‘[De]Globalisation and Inflation’, 2017 IMF Michel Camdessus Central Banking Lecture given by Mark Carney, 18 September 2017. 3 See ‘The Global Outlook’, speech by Mark Carney, 12 February 2019. 2  4  All speeches are available online at www.bankofengland.co.uk/news/speeches  4  Those at the core of the IMFS need to incorporate spillovers and spill backs, as the Fed has been doing. More broadly, central banks need to develop a better shared understanding of the scale of global risks and their consequences for monetary policy. We cannot all export our way out of these challenges. In a global liquidity trap, there are gains from coordination, and other policies – particularly fiscal – have clear roles to play. And acting earlier and more forcefully will increase their effectiveness. In the medium term, policymakers need to reshuffle the deck. That is, we need to improve the structure of the current IMFS. That requires ensuring that the institutions at the heart of market-based finance, particularly open-ended funds, are resilient throughout the global financial cycle. It requires better surveillance of cross border spillovers to guide macroprudential and, in extremis, capital flow management measures. And it underscores the premium on re-building an adequate global financial safety net. In the longer term, we need to change the game. There should be no illusions that the IMFS can be reformed overnight or that market forces are likely to force a rapid switch of reserve assets.4 But equally blithe acceptance of the status quo is misguided.
I wish all the participants fruitful deliberations and hope that at the end of this fourday training seminar, we will be more and better equipped in tackling this ugly problem – money laundering. I thank you all and wish our facilitators a pleasant stay in Freetown and a safe return journey. 2  BIS Review 79/2006