But monetary tightening could be complemented with changes in the composition of fiscal spending, where the available resources are better targeted to those most in need of support. Inflation imposes a burden on the poorest households disproportionately; and, in the short term, monetary tightening may add to this burden, by constraining aggregate demand and labour market conditions.
Thank you for the invitation to speak to you during your annual CPA Recognition Night. Those of you who are new to the profession no doubt realize, just as your more experienced colleagues do, that you are entering into this noble area of service during a dynamic and crucial time in its existence.