earlier this week with European Central Bank president
Jean-Claude Trichet, center, and Bank of Japan governor
Masaaki Shirakawa, with Grand Teton Peak behind. Photo/
By Reserve Bank Governor Alan Bollard
Once a year, Jackson Hole in Wyoming hosts the world’s central bankers. Under the craggy ranges of the Teton Mountain Range, we met last weekend to discuss how well monetary and financial policies have worked to save the world from the worst of the crisis, having just been through the biggest economic and financial shock in 80 years. It now looks like we (and the world) have seen the worst, and we are beginning a recovery that many believe will be slow and fragile.
What lessons can be taken from this experience? How well did our policies work? What lies ahead? Continue reading