But the strain of higher interest rates in the short term will bring inflation down for the long term. It will get us to the other side of this difficult period and back to normal. Things are not normal right now.
12  See e.g. Matutes and Vives (2000): “Imperfect competition, risk taking, and regulation in banking” and Boot and Ratnovski (2012): “Banking and trading”. 13  See e.g. Blinder (2010): “It’s broke, let’s fix It: rethinking financial regulation”. 6  BIS central bankers’ speeches  The rationale for separation as a regulatory measure can be summarized in the following four points.