In Europe, it means, inter alia, focusing on labour and product market reforms, in order to enhance the growth potential of our economies; in China, it means, inter alia, reforms in financial markets and the banking sector, in order to improve financial intermediation and monetary control.
As I highlighted in my remarks, one of the common challenges that we all face is the high inflationary pressure affecting the global economy. To master this challenge, it is essential to use monetary policy in an effective and determined manner. The global phenomenon of inflation is perceived in many countries or economic areas as the consequence of an “external” shock.