00:00While this crisis is global, everybody feels it's everywhere, the low-income countries, fragile, conflict-affected countries, countries with no
00:12buffers, that are all importers, gas importers, they feel it the most.
00:18First, brace for fiscal policy, restrictive, targeted, temporary actions.
00:31Make sure that you are not, basically, put it very simply, do no harm.
00:36Do no harm.
00:40A negative supply shock inevitably brings pain.
00:49So central banks have to be very attentive to that, because if that inflationary impact increases, they have to act.
00:57If, at the same time, their fiscal authorities make their job harder, the pain on the economy would be bigger,
01:10but it would require, that would be my message is going to be, have the discipline on the fiscal front,
01:16you don't have much fiscal space, use it very wisely, don't make the job of central bankers harder.
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