The other is the imperative for the world to make the transition to a low-carbon economy, requiring the contraction of carbon-intensive activities and the expansion of environmentally-sustainable activities.
BIS central bankers’ speeches  3  needs to be complemented by programs designed to enhance competition and to correct structural problems”. 4 It was only when Paul Volcker arrived as Chairman in 1979 and shortened the policy horizon that the Fed took ownership for controlling inflation. Inflation, which peaked at around 15% in March 1980, fell below 3% by 1983.