Can the world defeat inflation GEGC Hea

Can the World Defeat Inflation without an International Accord?

Trends over the last three years have raised questions about the need for greater international cooperation and coordination to manage the spillovers of monetary policy across national economies.

  • What forms of international monetary cooperation are necessary to prevent further economic damage due to the twin crises of the pandemic and war?
  • Are there more durable forms of cooperation nations can develop to act earlier and more swiftly in future crises?
  • How aligned are the interests of advanced and emerging economies in the realm of monetary policy coordination, given the outsize influence of the United States on the global monetary system?
  • Can existing global governance mechanisms be used to address the impact of inflation on lower income groups that are hardest hit by price shocks in societies around the world?

This panel of eminent experts on monetary policy and the international monetary system addressed the above questions in the context of the causes and consequences of the current state of the global economy. #LSEGEGC #LSEGlobalGovernance


This webinar was held on Monday 13 February.

Meet the speakers and chair

Ricardo Reis is the A.W. Phillips Professor of Economics at the London School of Economics. Recent honors include the 2002 Carl Menger prize, the 2021 Yrjo Jahnsson medal, election to the Econometric Society in 2019, the 2017 BdF/TSE junior prize, and the 2016 Bernacer prize. Professor Reis is an academic consultant at the Bank of England, the Riksbank, and the Federal Reserve Bank of Richmond, he directs the Centre for Macroeconomics in the UK, and he serves on the council or as an advisor of multiple organizations. He has published widely on macroeconomics, including both monetary and fiscal policy, inflation and business cycles. Professor Reis received his PhD from Harvard University, and was previously on the faculty at Columbia University and Princeton University.

Brad W. Setser is the Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR). Prior to joining CFR, Setser served as a senior advisor to the United States Trade Representative and as the deputy assistant secretary for international economic analysis in the U.S. Treasury. He is the author of the book Sovereign Wealth and Sovereign Power and the coauthor, with Nouriel Roubini, of Bailouts and Bail-ins: Responding to Financial Crises in Emerging Economies. Brad regularly blogs at Follow the Money about global trade and capital flows, financial vulnerability analysis, and sovereign debt restructuring.

Nemat (Minouche) Shafik is a leading economist whose career has straddled public policy and academia. She was appointed Director of the London School of Economics and Political Science in September 2017.

She did her BA at the University of Massachusetts-Amherst, her MSc at LSE and her DPhil at the University of Oxford and, by the age of 36, had become the youngest ever Vice President of the World Bank. She taught at Georgetown University and the Wharton Business School and has published widely. She served as the Permanent Secretary of the Department for International Development from 2008 to 2011, Deputy Managing Director of the International Monetary Fund from 2011-2014 and as Deputy Governor of the Bank of England from 2014-2017, where she sat on all the monetary, financial and prudential policy committees and was responsible for a balance sheet of over £500 billion.

Minouche has sat on and chaired numerous boards and currently serves on the Board of Trustees of the Bill & Melinda Gates Foundation, the Supervisory Board of Siemens, the Council of the Institute for Fiscal Studies, the Global Board of BRAC, and is Deputy Chair of the Board of Trustees of the British Museum. She was made a Dame Commander of the British Empire in the Queen’s Birthday Honours list in 2015, a Crossbench Peer in the House of Lords in 2020, and an Honorary Fellow of the British Academy in 2021.

Her book What We Owe Each Other: A New Social Contract is out now.