Just as the short-term productivity cost of an abrupt shift to home-working might be overstated, so too might the short-term happiness benefits. In particular, let me discuss two longer-term consequences of the shift to home-working whose effects may not yet be fully visible but which could, over time, detract from both our productivity and our happiness at work. The Effects on Creativity and Relationships These two factors are working relationships (or what economists sometimes call social capital) and workplace creativity (or what economists call intellectual capital). Modern economic theory, and a growing body of empirical evidence, gives both factors a prominent role in explaining why individuals thrive, economies grow and societies succeed.20 It is well-established that creativity fosters innovation and that in turn fuels economic growth. That was the story of the Industrial Revolution. What is new is our understanding of how the work environment plays a crucial role in nurturing creativity.21 For example, the absence of distraction and noise is one important factor fostering creativity. Being in “flow” requires a degree of cognitive tunnelling.22 For many people, homeworking provides that quieter, less distracting environment where tunnelling is easier and creativity fostered. 19  Gajendran and Harrison (2007). Haldane (2018a, 2020). Haldane (2018b). 22 Newport (2014) terms this ‘tunnelling’ as deep work and provides a comprehensive overview of the concepts and research. 20 21  7  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  7  But lack of distraction and noise is not always and everywhere a good thing, including the creativity.
Ladies and Gentlemen, it is in this regard that the Bank of Zambia and Professor Collier with the support of the UK Department for International Development partnered to hold this international symposium whose objectives include: (i)  enhancing understanding of advantages of central bank independence among central bankers, Government, banks, non-bank financial institutions, the business community, academics and other stakeholders;  (ii)  drawing lessons and sharing experiences of central bank independence in developed, emerging and developing countries;  (iii)  appreciating the political, economic and legal aspects of operationalising greater independence for central banks; and  (iv)  exploring ways of enhancing fiscal and monetary coordination. Ladies and Gentlemen, the selection of papers to be presented and discussed at this Symposium will provide a platform for sharing ideas required for practical solutions aimed at improving the Bank’s service delivery. As we tackle issues of inflation, exchange rates, and other key macroeconomic indicators, let us use this forum to outline some of the past developments and challenges that lie ahead of us as we aim to taking Zambia’s financial sector to higher heights. Lastly, let me say that while we can all learn from what other central banks have done, each country should establish the legal framework for its central bank, and allow for its evolution, in ways which best fit that country’s own history and institutions. I have no doubt that the symposium will be thought-provoking and highly participatory.