The longer inflation remains elevated, the stronger and prolonged the required policy tightening, the Bank for International Settlements warned.
Their challenges are unique by post-World War Two standards though. It is the first time that, across much of the world, a surge in inflation has co-existed with widespread financial vulnerabilities.
"I think central banks will get inflation under control. That is their job – to restore price stability," he told Reuters. "The question is what will the cost be."The Swiss-based BIS held its annual meeting in recent days, where top central bankers discussed the turbulent last few months. "Very high debt levels, a remarkable global inflation surge, and the strong pandemic-era increase in house prices check all these boxes," the BIS said.
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