Five Predictions on the Future of Global Trade
The fourth industrial revolution is bringing about numerous challenges and opportunities. This column summarises selected takeaways from a recent ECB conference which brought together leading minds from academia, institutions and the private sector on the expected effects of digitalisation on the economy, including labour markets, productivity, investment and inflation, and possible implications for monetary policy.
On 4-5 July, the ECB hosted the conference, “Challenges in the digital era”, which featured contributions from several leading economists on the effects of digitalisation on the real economy. In this column, we summarise three themes that were keenly debated: labour market implications of digitalisation; effects on inflation, market power and monetary policy; and the productivity promises of digital technologies.