What is less represented, but in no way less relevant, is the potential for external players to suppress national autonomy. Let me elaborate. Despite great strides in global integration bringing the benefits of reduced inter-country disparities, differences still exist. As much as we can categorise economies based on common characteristics, be it by geography, or by level of development, no two countries are identical. Even if countries may seem similar, their reaction to a certain phenomenon, in all likelihood, will not be the same. This reminded me of the doctor-patient relationship, grounded by the classical “Principle of Biomedical Ethics” that emphasises respect for the patients’ autonomy. A doctor may well know all the treatment options available, and would prefer some over others, but it is ultimately the wishes of the patient that needs to be considered. The doctor, rather than vehemently working against the patient, should upon exploration of options and sharing of information, wholeheartedly respect and support the decision of the patient. Underlying this bilateral covenant is the crucial recognition of the shared humanity of doctors and patients. In a similar manner, we can all agree that as policymakers and regulators, macroeconomic and financial stability is a shared goal. We have been very grateful for the wealth of information and quality of debate that multilateral institutions bring to the table, which have immensely aided our decision-making process. However, individual countries should not be starved of policy autonomy to manage challenges.

Beyond the 4/5  BIS central bankers' speeches  potentially arbitrary labelling, the efficacy and desirability of a given policy should be judged solely by its outcome and its effectiveness in correcting market failures and imbalances. Only then can policies be evaluated intelligently, fairly and measurably. Today I have talked about how it has become more difficult for central bankers in open economies to conduct monetary policy. I attempted to highlight that in order to manage these difficult challenges, there needs to be sufficient pragmatism and agility by central bankers. Most importantly, policymakers have to be given sufficient space and autonomy to address rising challenges to our respective economies. I am reminded by John Baldoni’s article on “The Secret to Team Collaboration: Individuality”. The author warned about the risks of confusing between collectivism and collaboration. Collectivism leads to confined “group-think” and decisions; collaboration on the other hand breeds innovation. While collectivists do work towards a single goal, they ignore alternate paths to achieve that purpose. Collaborators, however, while similarly focused on a single purpose, arrive at their goals by incorporating different points of view and creative solutions. In short, collectivists value ideology over results. Collaborators are pragmatists that look for alternative ways to get things done. As we move forward and fight for greater policy autonomy, we might be tempted to think that integration and collaboration come at the expense of individuality and domestic autonomy. In my opinion, it is the exact opposite. Collaboration thrives with individuality and autonomy. This is not wishful thinking.