BIS General Manager Pablo Hernandez de Cos says the Middle East conflict is expected to “drive inflation upwards and growth downwards.” (Photo by Akikazu Ishii)
SETSUO OTSUKA and TAKERO MINAMI
TOKYO — Central banks worldwide must be “ready to act” against inflationary effects of the Iran war, which risk being aggravated by an excessive fiscal policy response, said Pablo Hernandez de Cos, general manager of the Bank for International Settlements.