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Inflation the key monetary policy variable in wake of COVID-19

With government debt continuing to mount, inflation is the critical variable

| Europe
Federal Reserve Chairman Jerome Powell, pictured on Sept. 28: the ideal situation would be seeing interest rates remain below economic growth rates, keeping debt servicing manageable.   © Reuters

Paola Subacchi is professor of international economics at the University of London's Queen Mary Global Policy Institute, and the author, most recently, of "The Cost of Free Money," Yale University Press.

The year 2021 will prove to be memorable for the global economy.

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