Is globalization reducing the ability of central banks to control inflation? : monetary dialogue 12 November 2015 : compliation of notes

The notes in this compilation prepared by key monetary experts explore the different ways in which globalisation could have an impact on inflation and monetary policy transmission channels. The growing integration of production processes, commodity price shifts and the reduced ability of wage negotiators to set wages due to globally more integrated labour markets are examples of powerful factors shaping domestic inflation developments. The notes have been requested by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament as an input for the November 2015 session of the Monetary Dialogue between the Members of the ECON Committee and the President of the ECB.