The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
For the global economy and markets, last week marked a definitive “awakening”.
As nice words from central banks about battling inflation gave way to more meaningful policy actions, there was a first awakening with the realisation that, undoubtedly, we were making a transition to a new and more challenging regime for financial conditions.
And because this transition is so late in coming, there was a second awakening — a recognition that there is no hiding from the difficulties this poses for policymakers, households, companies and markets.
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