多管齐下应对货币政策分化加剧难题

Core Insights - The global economy is facing challenges such as insufficient new momentum, high inflation, and high debt, leading to increased divergence in monetary policies among countries [1] - Experts emphasize the need for enhanced coordination in monetary policies to address financial market volatility, climate change, and the impact of AI applications [1] - The restructuring of global supply chains and rising trade costs due to international trade frictions are further weakening economic growth momentum [1] Group 1 - The lack of a global institution for macroeconomic policy coordination is highlighted, with no tools or consensus currently in place [1] - The Hungarian central bank governor points out that while monetary policies do not need to be uniform, attention must be paid to cross-border flows and market volatility [2] - The Chinese central bank's research director stresses the importance of adapting to structural changes like climate change and AI, requiring central banks to enhance macroeconomic analysis and communication [2] Group 2 - The uncertainty surrounding U.S. tariff policies complicates the coordination of monetary policies among countries, affecting consumer behavior and potentially redesigning trade channels [3] - The former Italian Minister of Economy and Finance warns that the U.S. dollar's role as a global reserve currency may lead to a significant shift in the global financial landscape, with declining confidence in U.S. bonds and legal systems [3] - The need for a combination of fiscal and monetary policies to mitigate the negative impacts of tariff policies is emphasized [3] Group 3 - Two major disruptive factors in the international trade and monetary system are identified: the impact of tariffs and issues related to the role of the U.S. dollar [4] - The emergence of various forms of digital currencies, including stablecoins, is seen as an opportunity to improve financial channels and facilitate cross-border flows [4] - The potential for non-dollar-denominated stablecoins to emerge in different regions, including Europe and Asia, is noted [4]