The fact that inflation rates are increasing worldwide gives rise to the following questions. Was the high world growth during the past several years sustainable? Were sufficient macroeconomic policy measures taken? In fact, the continuance of an extremely accommodative financial environment worldwide has often been referred to as global excess liquidity or a savings glut.
However, since the turn of the year, especially during the past several months, an increasing number of countries are shifting their monetary policy in a more restrictive direction.