##0, and maki - franti, p., a. silvo, a. gulan and j. kilponen ( forthcoming ), monetary policy and inequality : the finnish case, bank of finland research discussion papers. 2 see also riksbank ( 2020 ). distributional effects of the riksbank ’ s measures, monetary policy report, november 2020. www. riksbank. se / globalassets / media / rapporter / ppr / fordjupningar / engelska / 2020 / distributional - effectsof - the - riksbanks - measures - article - in - monetary - policy - report - november - 2020. pdf 3 john rawls, a theory of justice. 1971. 4 see www. ecb. europa. eu / home / html / index. en. html 3 / 3 bis central bankers'speeches

emerged that threaten to unsettle the global economy. during the early part of 2018, growing expectations of a faster pace of monetary tightening began to emerge, as the stronger pace of united states ( us ) growth was sustained and fiscal policy became more expansionary. growth in europe and japan has slowed, while the strengthening of the dollar has resulted in a reversal of capital flows from the emerging markets. in addition, concerns about the rise in protectionism have materialised, thus contributing to an escalation in trade tensions. concerns about a possible trade war have contributed to uncertainty about world trade, which could derail the global economic recovery that policymakers have been working hard at since the global financial crisis. we are already witnessing the adverse effects. in april, for example, we saw the largest decline in world trade since may 2015. 1 ‘ south africa ’ s future foreign policy ’, an article by nelson mandela in foreign affairs, vol. 72, no. 5, november / december 1993, african national congress page 2 of 6 trade wars are, in effect, a ‘ zero sum ’ game. small open economies suffer the most, as they rely on trade with the advanced economies and large economies - who are the price setters. addressing these risks at both country and global level requires strong institutional frameworks and a commitment to cooperation and coordination. the rising interconnectedness has widened the set of shared problems that are more effectively addressed through a global agenda. in this respect, collaboration is essential. this includes, among other things : reaffirming the open and rules - based multilateral trade system ; strengthening the global financial safety net ; addressing the excess external imbalances ; completing the financial regulatory reform agenda ; and reaching the 2030 sustainable development goals. these issues are central to the agendas of the group of twenty ( g20 ), the financial stability board, the bank for international settlements, the international monetary fund, and the world bank. south africa is an active participant in all these institutions. as you may be aware, the 10th brics2 summit, this time under south africa ’ s presidency, concluded a few days ago. its theme was ‘ brics in africa : collaboration for inclusive growth and shared prosperity in the fourth industrial revolution ’. since the beginning of 2018, the sarb has actively driven a number of initiatives among the brics central banks. this has included initiatives directed at enhancing the research capacity of the contingency reserve arrangement ( cra ), further work