BIS Review 105/2008  1  the relative importance of the various transmission channels of monetary policy impulses. 3 This is indeed one of the major challenges posed by globalisation, to recall the theme of this seminar. The theme of the seminar is also the dilemmas arising from globalisation.
The second is in the pre-crisis high-growth phase, when inflation around the middle of a five-year period of growth averaged over 8.5%. The third is in the post-crisis period, when rising inflation accompanied the recovery from a growth of 6.8% in 2008–09, the trough of the crisis, to 8% in the following year.