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It is an honour to give the Arthur Burns Memorial Lecture.
In Arthur Burns’ day, financial diplomacy was limited to weighty issues of monetary policy coordination, particularly the search for a new international monetary system following the collapse of Bretton Woods.
Your invitation to discuss climate change is a sign of the broadening of the responsibilities of central banks to include financial as well as monetary stability. It also demonstrates the changing nature of international financial diplomacy. The quest for a renewal of the Bretton Woods treaty, with associated protocols and enforcement mechanisms, has been replaced with the more flexible governance of the G20 and the FSB. These groups gather principals who work together to forge consensus and implement global solutions to common problems.
Your invitation to discuss climate change is a sign of the broadening of the responsibilities of central banks to include financial as well as monetary stability. It also demonstrates the changing nature of international financial diplomacy. The quest for a renewal of the Bretton Woods treaty, with associated protocols and enforcement mechanisms, has been replaced with the more flexible governance of the G20 and the FSB. These groups gather principals who work together to forge consensus and implement global solutions to common problems.
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