But preferably, fiscal authorities should support the disinflation effort by gradually bringing down high public debt, while also calibrating their policies to make our economy more productive and to avoid adverse distributional effects. 1/4  BIS - Central bankers' speeches  Monetary policy cannot be targeted and tailored in the way that fiscal policy can, nor has the mandate to address distributional concerns.
But monetary tightening could be complemented with changes in the composition of fiscal spending, where the available resources are better targeted to those most in need of support. Inflation imposes a burden on the poorest households disproportionately; and, in the short term, monetary tightening may add to this burden, by constraining aggregate demand and labour market conditions.