We live in an era of deep economic integration, where goods and services cross borders at an unprecedented scale. However, in recent years, the political consensus around globalisation has started to fracture. In this lecture, I will discuss how our trading relationships have shaped price stability and the potential impacts of trade fragmentation on the UK economy. The appropriate monetary policy response to new developments would depend on the nature of fragmentation, its sectoral impacts, and the time horizon over which it would be expected to unwind.
Swati Dhingra
Member of the Monetary Policy Committee
Speech
I am delighted to deliver the Dow lecture. Last time I was here at NIESR, there were significant events occurring in international trade. Today, I am going to revisit some of them and discuss the new developments that have taken place since then. The timing is opportune - not just because of how the world trading system is evolving around us.
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