Who would want to be responsible for monetary policy in 2022? To judge from the fierce economic and political debates under way around the world, it is as though open season has been declared on central bank governors: They are being shot at from all sides.
US Federal Reserve chairman Jerome Powell and his colleagues are accused of failing to spot the early signs of an inflationary threat last year. As late as last northern autumn, they were arguing that price rises were “transitory”.
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Project Syndicate
Howard Davies is a former deputy governor of the Bank of England and is Chairman of NatWest Group.
