Global Macroeconomic Leadership: Creating an Era of Global Growth
David Vines, Professor of Economics; Tutorial Fellow in Economics (Lord Thomson of Fleet Fellow), Balliol College, University of Oxford
Chair: Paul van den Noord, Economist, Autonomy Capital; Associate Fellow, International Economics, Chatham House
The global economic system is undergoing a profound transformation. During the ‘great moderation’, the name given to the period of decreased macroeconomic volatility starting in the mid-1980s, the world economy grew rapidly, without inflation, and globalization spread, and it was thought that global imbalances would be self-correcting. The speaker will argue that to recreate an era of global growth would now require significant international adjustment, both within Europe – between northern Europe and the European periphery - and internationally, between developed countries and emerging markets. This adjustment would entail management by international institutions, as well as global financial leadership, the requirements of which will be outlined by the speaker.