In the past five years, we have lived through a global pandemic, the sharpest synchronised inflation surge in decades, the fastest global monetary tightening cycle since the early 1980s, and now a world shaped by persistent geopolitical tensions, economic fragmentation and volatile climate shocks.

For central banks, this has been a period of great uncertainty – about the nature of the shocks hitting national economies, the stability of inflation dynamics and even the structure of the global