Speech by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, at the Barclays 24th Annual Global Inflation Conference, 5 October 2020.

Is inflation dead or hibernating? The answer will shape the future of central banking and the global economy. It requires exploring shifts in the tectonic plates of the global economy rather than developments on its surface, ie shifts in secular forces and policy regimes.

Looking back, obviously central banks have been instrumental in taming the Great Inflation of the 1970s. But this cannot be the whole story: post-Great Financial Crisis, inflation has remained stubbornly below targets despite major efforts to push it up. In