Central banks will be ‘tested’ by long-term inflation – BIS’s Borio

Claudio Borio

Structural changes in the economy could add long-term inflationary pressure, which could bring central banks into conflict with governments, Claudio Borio said on September 8.

The head of the Bank for International Settlements’ monetary and economic department said “secular economic tailwinds” had turned to headwinds. He highlighted long-term inflationary trends such as the ageing population in advanced economies, which is likely to cut the labour force and push up wages.

Borio added that the

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