PARIS, Nov. 11, 2020 /PRNewswire/ — Howard Chang, Vice President of Thousand Cities Strategic Algorithms Cloud Technology (TCSA) was invited to chair the global policy panel on “Statecraft, Economic Development and Central Bank Reform after the Pandemic” during the Dialogue of Continents, a forum hosted by the Hamburg Institute of International Economics and the Reinventing Bretton Woods Committee (RBWC).
The esteemed panelists included Benjamin Pring, founder of Cognizant, Venky Venkateswaran, Associate Professor of Economics at the Stern School of Business, New York University, and Lei Ding, Senior Economic Advisor at the Federal Reserve Bank of Philadelphia.
The COVID-19 pandemic has delivered a devastating external shock to global economy. However, it has also brought about an opportunity for all countries to revisit existing paradigms and redefine the future of human development. On a global level, the world must establish an international consensus and build effective new cooperation mechanisms to combat crises in public health, climate change, economic imbalance and other collective challenges. On a national level, governments, political parties and leaders must enhance their governance systems and strengthen their abilities to build a politically stable and economically prosperous society.
Most countries in the world are mired in deep economic difficulties, particularly in the wake of the pandemic. The simultaneous manifestation of currency inflation and genuine economic deflation proves that current monetary policies have become increasingly ineffective. If central banks continue to use traditional apparatus such as interest rates, reserve ratios and increases in money supply, no substantial improvements to economic development will be sustainable.
Globally, humanity has entered the rapidly changing Information Age. The precise, logical and effective utilization of newly categorized data resources will undoubtedly generate enormous value for national governance systems and accelerate developments in the economy, environment, and public services. Central banks around the world must evolve beyond their traditional responsibilities of merely regulating interest rates or money supply, and take on the critical role of becoming a “National Economic Database” and “National Data Brain”, in order to allow data resources to bring the benefits of a digitalized society to every one of its citizens. About TCSA: http://www.tcsa.cloud/