While the strong growth in energy demand in Asia for several years has contributed to inflationary pressure through higher prices for oil, Asia has also contributed to deflationary pressure via its growing role as a supplier of manufactures and, increasingly, services.
At the One Planet Summit held in December 2017 in Paris, a group of central banks set up the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). In slightly more than three years, over 80 central banks worldwide joined this network, which indicates that environmental challenges rank high among central banks’ priorities.