Reflecting on what it means to be a public leader at such a time, I will make two points: Firstly, when you enter public service and certainly when you become a public service leader, you don't do so only to carry out your navigation in steady and calm seas. You sign up to contribute to the more significant challenges.
And for central bankers, we are faced with a challenge currently. For a range of diverse and complex reasons, we are now in an inflationary environment. Such an inflationary environment has high costs for the economy and households. The increased cost of living and erosion of living standards and higher inflation in general means lower investment, with consequences for future economic growth potential.