BIS, considered the central bank of central banks, said they will have to act quickly and decisively to ensure a return to low and stable inflation, while limiting the impact on growth.
BIS said engineering a so-called soft landing had historically been difficult, and the starting conditions now were making the task all the more challenging. "But even if this is not the case, definitely the priority should be to combat inflation," to prevent the world economy from slumping.
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