The new dilemma facing central banks

The past decade or more has been a period of very low consumer price inflation. In both the developed and the developing worlds, inflation (and the volatility of inflation) has been at levels not seen for a generation. And the world economy has, by and large, prospered greatly in this environment of low volatility and low absolute inflation.

Central banks have taken a great deal of the credit for this achievement, and stand at the pinnacle of their reputation. Governors are the emperors of the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account