The plenary session will encompass all members of the SRB, which – on top of the ones just mentioned – will include  6  BIS central bankers’ speeches  one member appointed by each participating Member State, representing the national resolution authorities.9 The fact that the ECB will be an observer in the Board, with no voting rights, is supported by the ECB. This accurately reflects the need to have the supervisor involved in resolution matters, while maintaining the necessary separation of institutional responsibilities between the supervisory and resolution function in the Banking Union. The decision-making within the Board is designed to enable taking resolution action in the interest of stability within the euro area and of the Union as a whole. In particular, decisions in the executive session should be made by consensus. If the executive session is not able to reach a joint agreement by consensus, the Chair and the permanent members will take a decision by a simple majority. By reaching a decision either by consensus or by a majority, efficient a European decision-making should be ensured.10 Decision-making in resolution It is important that the decision-making process in the SRM allow for timely and efficient decision-making, if necessary, within a very short time such as a weekend. It is therefore welcomed that the decision-making process in the SRM is capable of this, in spite of the fact that it may involve both the Commission and the European Council. Let me describe this process as simply as I can.
[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.