The global economy is currently expanding at a moderate pace, albeit with considerable differences in momentum across … countries. The economy in the United States is still growing at robust rates, whereas the euro area is in a phase of stagnation … inflation rates are not expected to fall sustainably close to the target levels again until 2025. Risks for the global economy …

report three major findings: First, since the tightening cycle will take place in the context of a robust U.S. economy, it …

, they now appear less well placed to cope with the substantial downside risks facing the global economy. In many EMDEs, the …