PR86557

PARIS, Nov. 11, 2020 /PRNewswire=KYODO JBN/ --

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/ 

SOURCE: TCSA

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   Caption: Howard Chang, Vice President of TCSA was invited to chair the Dialogue of Continents