As we publish the November Chief Economists Outlook, COVID-19 is resurging in some parts of the world, the global economy still finds itself in major disequilibrium and the costs of fighting climate change are starting to come into view.

While a one-size-fits-all approach to fiscal and monetary policy was optimal across economies in the early stages of the pandemic, the ensuing disruption has evolved in such disparate ways across global markets and economies that national-level policy tools can no longer address the current challenges in homogeneous ways. Instead, policymakers are faced with complex domestic and international trade-offs in their policy choices, with one exception: accelerating vaccinations.