A complete exit from the crisis will be achieved only if all actors properly shoulder their responsibilities. 14. The commitments of the G20 to boost growth must be pursued consistently. In the emerging economies, where there still is some fiscal and monetary leeway, policies should be geared to preventing an excessive slowdown.
However, the recovery in the exchange rate in recent weeks is welcome, and if sustained, will favourably influence the risk profile associated with the inflation trajectory over the forecast horizon. Conclusion Currently, the policy dilemma is one of trying to address the deterioration in the inflation outlook against the background of a weakening growth outlook.