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[De]Globalisation and inflation - speech by Mark Carney
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 ... (full story)
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Bank of England's Carney sees Brexit pushing up inflation, rate rise likely
Bank of England Governor Mark Carney said Brexit was likely to push up Britain’s inflation rate and he reiterated the central bank’s new view that interest rates are likely to rise in the coming months. Carney, making a speech at the International Monetary Fund’s headquarters in Washington, said the process of globalization that has led to deeper integration in the world economy in recent decades had pushed down price growth. But Brexit represented the opposite for Britain, at least in the short term, as less openness to foreign markets and workers was likely to push up inflation and reduce productivity, he ... (full story)
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