Work must be done to ensure that the operational aspects of our new monetary tools do not interfere with this clarity. Finally, we have highlighted how important it is to have clarity and collaboration on fiscal, monetary and financial policy when considering equity and distributional aspects within an economy.
In the medium term it therefore seems possible that inflation will settle at higher levels than we have observed in recent years, even after the existing supply shocks fade. [Climate change considerations] Regarding the green transition, the primary role here lies with governments, as they have the power and democratic legitimacy to adopt legislation that compels industries and individuals to act sustainably.