1983 ), p. 377 - 378. krugman, p. ( 1996 ), ricardo ’ s difficult idea, paper for manchester conference on free trade, march 1996 https : / / web. mit. edu / krugman / www / ricardo. htm. according to a survey we conducted last year on 152 central bank and monetary authority websites from around the world, as of may 2021, 83 of them carried out financial education activities, often as part of specific national strategies, and 43 museums had been founded to educate the public about monetary and financial issues. a key objective is improving the general awareness of central banks ’ functions and tools. in 2006 the then - president of the federal reserve bank of boston wrote : ‘ in carrying out this very important responsibility, we employ the carrot as well as the stick, as the saying goes. the stick is regulation and supervision, and the carrot involves our convening abilities and, increasingly, our capabilities in the areas of economic education and financial literacy ’. cathy e. minehan, ( 2006 ), ‘ the role of central banks in economic and personal finance education ’, https : / / www. bostonfed. org / news - and - events / speeches / the - role - of - central - banks - in - economic - and - personal - finance - education. aspx. ‘ to borrow from the title of a recent book by nobel laureate economist joe stiglitz, these results suggest to me a great divide : a great divide between the views of financial insiders and outsiders, between the perceptions of producers and consumers of financial services, between the silent majority who buy and the vocal minority who sell financial products, between the echo chamber of the elites and the voting chamber of wider society. they underscore just how far finance still has to travel to regain its social licence. this “ great divide ” is my jumping - off point. i want to discuss the crucial role finance plays in society and why. i want to discuss the progress made, so far, in restoring trust in finance. and i want to discuss what further progress might be needed to narrow that trust deficit. that may call for the financial sector to seek new ways to define and communicate its purpose, its contribution to wider society, to act as an antidote to the short - term demands of shareholders and executives ’. andrew g. haldane ( 2016 ), the great divide, new city agenda annual dinner, 18 may 2016

that deep recessions, especially if accompanied by severe financial distress, may have long - lasting effects on potential output, in particular through a reduction in the speed and quality of capital increase. coupled with adverse structural developments, such as the ageing of populations in large parts of the world, the global financial crisis and the euro - area sovereign debt crisis have pushed down equilibrium interest rates, reducing the room for an effective monetary policy response to the low - growth, low - inflation environment. we are now fully aware that, when confronted with recessions of such a magnitude, a joint and strong effort on the part of both monetary and fiscal policy is necessary to prevent structural damages to the economy. today, we have just faced another global recession of unprecedented nature and size, which hit our economies in the middle of the digital and green revolutions. the pervasive adjustments forced by these two structural changes, together with the legacy of the pandemic, which is still threatening our countries, are pushing the global economy into 1 / 3 bis central bankers'speeches uncharted territories. it is still hard to understand what the “ new normal ” will look like, but i believe that both governments and central banks can do a great deal to prevent the pandemic shock from leaving permanent scars. it is of the utmost urgency to prepare our economies for the future, making possible the stronger, inclusive and sustainable growth pursued over the years, with mixed success, by the g20. indeed, “ people, planet and prosperity ” are the priorities of the italian presidency of the g20. the global policy response to the crisis, thanks to the close international cooperation that the g20 strongly promotes, has already obtained important results. the joint action of fiscal and monetary policies has avoided a generalized tightening of credit, averting the risk of a spiralling crisis. it has attenuated the impact of the emergency on the corporate and household sectors, preventing the destruction of viable physical, intangible and human capital. it has also been key in directing resources to strengthening health - care infrastructures, including for the development of vaccines. thanks to the policy support and the vaccination campaigns, the recovery is now gaining strength. economic forecasts are being revised upward. however, progress is uneven, and less developed and emerging economies are still facing major difficulties in curbing the pandemic. the health crisis will not be over until vaccines are accessible to all countries. diverging health and economic patterns would not be acceptable, as