In my intervention, let me, therefore, briefly touch upon four questions: 1. Under what circumstances can a lack of policy discipline lead to macroeconomic imbalances with destabilizing effects for the economy? 2. How can such imbalances spill over to other countries and the global economy? 3. What are recipes to prevent imbalances and their spillovers? 4.
Inflation for services excluding housing has moved up this past year in part due to consumers shifting back to more normal activities outside the household as social distancing has eased. Looking ahead, I will be focusing on a number of factors that will influence inflation.