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My wish list for monetary policymakers to reflect on

The challenges we face are enormous

| Japan
G-7 finance ministers and central bank chiefs at Petersberg near Bonn, Germany, on May 19: All advanced economies were faced with the zero lower bound interest rates after the global financial crisis.   © dpa/AP

Masaaki Shirakawa is a former governor of the Bank of Japan.

Inflation is intensifying and broadening globally. Against this backdrop, central banks are raising policy rates rapidly in recent months, which was totally unexpected one year ago. Are we finally emerging from the era of low inflation and low interest rates? The truth is that we do not yet know.

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