Central banks are facing an increasingly difficult political landscape, in which major governments are acting in a way that is either unconstructive for global financial equilibrium or outright destabilising for it. The gap between what the politicians consider important and what the central bankers are trying to achieve is widening.
It is a commonplace to say that the rate of change in the world today is faster than it has ever been. From Artificial Intelligence to cryptocurrencies, from social media to Virtual Reality, technology is radically changing our world. But we think the biggest change of the 21st century has barely begun.