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Is it time for a prosperity update? - Productivity, competition and stable money in the digital age

· Joachim Nagel, President of the Deutsche Bundesbank (Germany)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, inflation and price stability, payments, digital money and crypto-assets, climate, energy and nature

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiIs it time for a prosperity update? - Productivity, competition and stable money in the digital age

ContextLudwig Erhard Lecture by Joachim Nagel, President of the Deutsche Bundesbank, organised by the Initiative New Social Market Economy (INSM), Berlin, 31 October 2023.

Why it mattersNagel links productivity and competition to the digital economy.

Problems raised
  1. Productivity growth is weak.
  2. Middle East tensions could push energy prices up.
  3. Inflation remains too high.
Solutions proposed
  1. Use digitalisation to boost productivity.
  2. Encourage competition in the economy.
  3. Keep monetary policy tight until inflation returns to 2%.
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