This speech highlights two channels through which globalization poses challenges for monetary policy. The first channel is through the global determination of the average world natural real rate of interest, which implies that saving and investment shifts abroad can influence the domestic interest rate setting consistent with price stability. The second channel is through global digital payments systems, which may compromise domestic policy sovereignty through effects on both monetary and financial stability.

中文翻译：

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转载：全球化带来的两个挑战

演讲重点介绍了全球化为货币政策带来挑战的两个渠道。第一个渠道是通过全球平均世界自然实际利率的确定，这意味着国外的储蓄和投资转移可以影响与价格稳定一致的国内利率设定。第二种渠道是通过全球数字支付系统，该系统可能通过影响货币和金融稳定来损害国内政策主权。