Agustín Carstens is the general manager of the Bank for International Settlements. Report via the Wall Street Journal (gated)
- We may be on the cusp of a new inflationary era
- The forces behind high inflation could persist for some time. New pressures are emerging, not least from labor markets, as workers look to make up for inflation-induced reductions in real income
- some of the structural disinflationary winds that have blown so intensely in recent decades may also be waning
- In particular, there are signs that globalization may be retreating
DM central banks are grappling with rapidly rising inflation already.
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Carstens was speaking at the International Center for Monetary and Banking Studies on Tuesday
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The Bank for International Settlements:
- is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks".