VOL. 37 NO. 10
At the IMF/World Bank gathering in Marrakesh, Morocco last month, finance ministers and central bank governors were grappling with a new war in the Middle East and an economic outlook already clouded by multiple uncertainties, including the war in Ukraine, persistent inflation and growing debt woes among advanced and developing economies. The developments in the Middle East were so dramatic and recent that they negated many of the economic forecasts, which, as one western central banker confessed in a briefing, had been “elaborated well before.”
Despite the somewhat somber mood, this magazine did celebrate the world’s best central bank governors and the safest banks in a beautiful ceremony. The central bankers honored as tops in the class this year represent very different economies and operate with different mandates. Yet many were recognized for the courage and the timing of their monetary policy decisions—despite many uncertainties.