A key message from Jackson Hole: policy must globalise

Global losses

This year’s Jackson Hole conference revealed the previous consensus that central banks should focus on ‘keeping their own houses in order’ to achieve the best global results may be losing momentum.

Bank of England Mark Carney highlighted several reasons why the age of central banks setting policy largely in isolation is becoming “increasingly untenable”.

Globalisation has sensitised economies to international developments, Carney said, a point echoed by other policy-makers. In the US, for

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