The fight against inequality and global warming are two themes that now dominate debate in OECD countries: What consequences?

The economic policy debate in OECD countries is now clearly dominated by two themes: The fight against excessive income and wealth inequality; The fight against global warming. Pressure from public opinion is going to push governments and central banks to act on these two issues. One should therefore expect: Economic policies that are more favourable to the poor and middle classes: for example, an increase in minimum wages, redistributive policies financed by a higher tax on high incomes and wealth. The risks here are a return of inflation and therefore higher interest rates; and discouraging innovation due to the link between innovation and extreme income inequality; More effective climate policies: a faster transition to electric vehicles, a CO 2 price and a CO 2 border tax, public subsidies for investment in renewable energies, mandatory insulation of housing, green monetary policy. The risks here are rapid job losses ( internal combustion vehicles, C O 2 -emitting industries, air transport), higher inflation and higher real estate prices.