The difficult challenge of Powell and Lagarde: to tighten without stifling the recovery

It is the dream of all central bankers, the holy grail of captains of industry and the aspiration of millions of workers and consumers: a “soft landing” of the economy that allows the productive engine to gradually decelerate without fueling inflation, recession or unemployment. Despite the pandemic, the geopolitical crises and the serious structural problems that afflict the planet, the world economy has the rare chance to make this mythical “soft landing” in the coming months. I say