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Carney's proposals for multipolarity
At this year’s Jackson Hole symposium, Bank of England Governor Mark Carney addressed the growing challenges for monetary policy in the international monetary and financial system. He understandably aspires for a more balanced system. The US is the world’s largest economy, and the dollar’s dominant role vastly exceeds US economic weight. Carney cited this discrepancy and ensuing spillovers, especially upon emerging markets. The US is a relatively closed economy. The Federal Reserve is guided by its dual mandate and increasingly takes global developments into account. It should perhaps increase the weight accorded ... (full story)