Big structural changes are already underway, such as deglobalization, demographic shifts, digitalization, and decarbonization.

In the future, the world is set to be more prone to shocks than we would all like.

There are risks around our inflation outlook; we are equally concerned with inflation coming in higher or lower than expected.

The combination of higher sovereign debt, higher long-term interest rates, and lower economic growth is making the world more vulnerable.

We also need to improve our analysis and ensure our monetary policy framework is fit for purpose.

The economy could continue to grow below its potential which would pull inflation down.

Elevated wage increases combined with weak productivity could boost inflation as businesses look to pass on higher costs.