“With the benefit of hindsight, monetary policy was all over the place, maybe too expansionary,' said Thomas Jordan.
JOHANNESBURG - The chairman of the governing board at the Swiss National Bank, Thomas Jordan admitted that global markets underestimated inflationary pressures in 2021.The 53rd annual meeting of world leaders, business, and civil society kicked off earlier this week, with close to 3,000 delegates discussing 2023's global priorities.
The war pressured oil and natural gas supplies, with prices reaching record highs, with these market shocks leading to runaway inflation. He said that central banks must rein in inflation to ensure price stability. This, in turn, would ensure long-term economic growth.
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