Group 1: Economic Challenges - The global economy is facing a slowdown in real economic growth, characterized by low potential output growth, fiscal vulnerabilities, and increased macro-financial risks [1][2] - Factors contributing to the slowdown include declining productivity, aging populations, and challenges posed by technological changes [2] - Trade fragmentation and rising protectionism are exacerbating the decline in economic and productivity growth, leading to increased sensitivity of output changes to inflation [2] Group 2: Fiscal Vulnerabilities - Many countries are experiencing high levels of public debt, reaching or exceeding peacetime highs, which increases their vulnerability to inflation and financial stability [2] - The sustainability of fiscal policies is becoming a pressing issue due to rising costs associated with aging populations, pensions, healthcare, and infrastructure investments [2] - Maintaining fiscal sustainability is crucial for reducing risks and ensuring economic stability [2] Group 3: Macro-Financial Risks - There is a shift from bank-based financial intermediation to non-bank financial sectors, leading to increased credit and liquidity risks in non-bank financial institutions [3] - The rapid growth of private credit funds and the role of non-bank financial institutions in cross-border transactions contribute to heightened vulnerabilities in financial markets [3] - Recommendations include reducing market rigidity, increasing public investment, strengthening fiscal frameworks, and ensuring debt sustainability to address these challenges [3]

欧洲央行副行长金多斯：尽管增加国防支出有望促进经济增长，但可能会加剧财政脆弱性。 ...