The challenge faced by policy makers is to formulate a  2  BIS central bankers’ speeches  picture and forecast based on these data by using models and experience and accumulated professional knowledge.
That said, strong growth in emerging markets has undoubtedly contributed to price increases in commodities over recent years, which has had an impact on inflationary trends in advanced economies, too. The strong growth of emerging economies and their increasing integration in the world economy is definitely to be welcomed as it offers huge opportunities for advanced economies and emerging economies alike.