[6] 1/3  BIS central bankers' speeches  Paradoxically, it will also offer people no refuge from the effects of global competition: isolating oneself from global value chains will raise input prices, make exports less competitive and make the country less attractive to investors, with adverse effects on employment and growth. There is therefore a need for sustainable and effective solutions to today’s challenges.
Although it is surely correct to conclude that an excess of money relative to output is the fundamental source of inflation, what specifically constitutes money is a notion that has, so far, eluded our analysis. We cope with this uncertainty by ensuring that money growth, by any reasonable definition, does not reach outside the limits of perceived prudence.