The sharp pick-up in inflation in parts of the 1/4  BIS central bankers' speeches  world, especially in the United States, has come as a surprise and is an additional source of uncertainty about the outlook.
And it should also support the firm anchoring of inflation expectations, which is crucial to avoid the self-reinforcing dynamics associated with a too long period of low inflation that I mentioned above. The pivotal role of governments Still, it is clear that if our measures are to generate a faster and more sustained recovery then governments also have to play their part.