Third, changes in global capacity utilisation can have important implications not only for the distribution of income across economies but also within them. Over the past year, many firms could expand their profits, often implying that consumers, rather than shareholders, have borne the brunt of the inflationary shock. Finally, the globalisation of inflation does not imply that monetary policy can remain on the sidelines.
7/8  BIS central bankers' speeches  Conditions in domestic product and labour markets, which monetary policy can influence directly, are still the key drivers of a significant share of overall inflation. It rather means that the importance of keeping inflation expectations firmly anchored at our target has increased.