Top 10 Blogs of 2021 Show Breadth of Global Policy Challenges

IMF Blog, December 23, 2021

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Canonical URL: Top 10 Blogs of 2021 Show Breadth of Global Policy Challenges

Authors: IMF Managing Director Kristalina Georgieva that ranked as the most-read post in a busy year of risk, rebound, recovery.
Published: December 23, 2021

Credit (Photo: Cory Hancock/IMF PHOTOS)
Publication date: December 23, 2021
Summary: The arc of 2021 moved from tentative recovery to resurgent uncertainty; policymakers prepared to unwind unprecedented support, making clear communications critical amid many unknowns. Reader interest concentrated on widening gaps in the global recovery, diverging vaccination prospects, soaring inflation, central bank credibility, and rapid innovation in digital money.

Policy normalization: Many preparing to unwind unprecedented monetary and fiscal support, demanding clear communications despite unknowns.
Diverging recoveries: Widening gaps in the global economic recovery and diverging vaccination prospects drew significant attention.
Inflation and central banks: Soaring inflation and the role of central bank credibility in containing it were key concerns.
Digital money and crypto: Rapid innovation in digital money, cryptoassets, and legal/financial stability implications attracted reader interest.
Financial stability and public debt: New challenges to financial stability from crypto and concerns about high public debt and "low-for-long" interest environments.

1. Urgent Action Needed to Address a Worsening ‘Two-Track’ Recovery, by Kristalina Georgieva
2. A Proposal to End the COVID-19 Pandemic, by Kristalina Georgieva, Gita Gopinath, and Ruchir Agarwal
3. The Evidence Is in on Negative Interest Rate Policies, by Luis Brandao-Marques and Gaston Gelos
4. Structural Factors and Central Bank Credibility Limit Inflation Risks, by Gita Gopinath
5. Four Facts about Soaring Consumer Food Prices, by Christian Bogmans, Andrea Pescatori, and Ervin Prifti
6. Cryptoassets as National Currency? A Step Too Far, by Tobias Adrian and Rhoda Weeks-Brown
7. Legally Speaking, is Digital Money Really Money? by Catalina Margulis and Arthur Rossi
8. Crypto Boom Poses New Challenges to Financial Stability, by Dimitris Drakopoulos, Fabio Natalucci, and Evan Papageorgiou
9. A Future With High Public Debt: Low-for-Long Is Not Low Forever, by Marcos Chamon and Jonathan D. Ostry
10. Drawing Further Apart: Widening Gaps in the Global Recovery, by Gita Gopinath

Global Crypto Regulation Should be Comprehensive, Consistent, and Coordinated, by Tobias Adrian, Dong He, and Aditya Narain

Communication strategy: Emphasize clear communications as policymakers unwind support under significant uncertainty.
Addressing inequality in recovery: Urgent global action is needed to address a worsening “two-track” recovery and diverging vaccination prospects.
Inflation management: Protect central bank credibility to contain inflation risks, considering structural factors.
Crypto and digital money policy: Consider comprehensive, consistent, and coordinated regulatory approaches to crypto and digital money to mitigate financial stability risks.
Fiscal vigilance: Monitor and plan for the long-term implications of high public debt and the prospect that "low-for-long" interest rates are not permanent.

Source: IMF blog landing page, December 23, 2021.