International Trade, Global Supply Chains And Monetary Policy - Speech By Silvana Tenreyro, Bank Of England, Member Of The Monetary Policy Committee, Given At The Centre For Economic Policy Research Webinar

Professor Silvana Tenreyro says global supply chains can improve a country’s productivity and income. But the benefits they bring are not evenly spread across sectors. 

In the past, global supply chains have helped to reduce the effect of economic shocks in some parts of the world. The Covid crisis is different to previous shocks. But, on balance, countries can benefit from using global supply chains rather than producing things at home, she argues.

Silvana then explains how current disruptions to supply chains will determine whether she believes interest rates in the UK need to be changed or not.

International trade, global supply chains and monetary policy