It is absolutely untrue, that we can diminish the fragility of the world economy by stopping “aggressive monetary policies and huge accumulation of private debt”. /Martin Wolf, FT, 17 March 2021/
The world economy has become a huge and unified living organization through the permanent revolution of information technology that started in the 1970s. The present pandemic proved Nature’s Law once more: “The more developed, the more fragile”.
Instead, we should reshape economic growth in order to improve the sustainability level of the world economy. We need smart, new, fair and globally available sustainable technologies in order to create a long-term sustainable economy and human mankind.
We need more green and sustainable investment on both sides, governments and private businesses, meaning that we need more fiscal stimulus, monetary easing and private debts.
Governor Matolcsy, MNB, the Central Bank of Hungary