Separately, weather conditions in several areas, including China, Europe, and the United States, are exacerbating price pressures through disruptions to agriculture, shipping, and utilities. Many central banks around the world have pivoted monetary policy strongly in order to maintain anchored expectations and forestall second-round effects from high inflation becoming embedded in wage and price setting.
2  1  See Saccomanni F. (2008), Managing International Financial Instability. National Tamers versus Global Tigers, Cheltenham, UK and Northampton, Ma: Edward Elgar. 2  See Bordo M., B. Eichengreen, D. Klingebiel and M.S. Martinez-Peria (2001), “Is the Crisis Problem Growing more Severe”, Economic Policy, April, pp. 53-82.