Globalisation: A Macro-Financial Perspective - Geary Lecture 2019

  • Philip R. Lane European Central Bank, Trinity College Dublin and CEPR
Keywords: globalisation, macro-financial stability, global economy


The preservation of macro-financial stability in a globalised economy poses several challenges. First, evidence-based policymaking depends on the availability of informative macro-financial data: this paper discusses the Irish experience in developing customised versions of macroeconomic and financial statistics to track domestic developments. Second, policymaking in a globalised economy is constrained by a trio of trilemmas (monetary, financial and political economy): this paper interprets membership of the EU and the Euro Area in the context of these trilemmas.