"Bailey said there were three features of populism that stood out: a tendency towards domestic production over international openness; attributing unfavourable conditions to outside forces; and fuelling decline in trust in domestic and international institutions. For those of us who are institutionalised, the answer is that we have to challenge back, in deeds more than just words. But, we have to ensure our houses are in order too,' he said."
"His comments also come amid rising geopolitical tensions and criticism of Trump after the US intervention in Venezuela and the president's threats to take control of Greenland. In a speech as world leaders prepare to head to Switzerland for the annual World Economic Forum meeting in Davos which is being seen as a critical moment for the future of international cooperation the governor said countries turning inwards would undermine progress to improve living standards."
Global institutions should push back against rising populism because it threatens growth in living standards and erodes trust in domestic and international institutions. International agencies must tell uncomfortable truths while ensuring accuracy and accountability to avoid "messenger shooting" and to defend central bank independence. Populism commonly favors domestic production over openness, blames outside forces for adverse conditions, and undermines institutional trust. Solidarity among central banks strengthens independence amid geopolitical tensions, and inward-turning national policies risk reversing progress on living standards and weakening international cooperation.
Read at www.theguardian.com
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