00:04La crisi è globale, e tutti i suoi sensori è ovviamente.
00:08La città di low-income, fagile, conflitto-affeczioni,
00:14le città di non buffers, che sono tutti importers, gas importers,
00:20perché le città di più.
00:23Brace for fiscal policy,
00:30restrictive, targeted, temporary actions.
00:35Make sure that you are not,
00:37basically, put it very simply,
00:39do no harm, do no harm.
00:44A negative supply shock,
00:51inevitably brings pain.
00:53So central banks have to be very attentive to that,
00:55because if that inflationary impact increases,
00:59they have to act.
01:01If at the same time,
01:03their fiscal authorities make their job harder,
01:09the pain on the economy would be bigger.
01:14But it would require,
01:15that would be my message is going to be,
01:18have the discipline on the fiscal front,
01:20you don't have much fiscal space,
01:22use it very wisely,
01:23don't make the job of central bankers harder.
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