Bank for International Settlements or BIS has stated in its Annual Report that for global central banks, the past year saw great progress in restoring price stability. Central banks’ decisive policy response to the post-Covid-19 inflation surge had reinforced their credibility and prevented a high-inflation regime from setting in, allowing many to start lowering interest rates. Growth was generally solid too, albeit with some divergence across regions. Until recently, a global “soft landing” looked to be within reach. It noted that in recent months, the global economic outlook has darkened. Uncertainty, not least about tariffs and the configuration of the global trade system, has emerged as a pressing threat to growth, inflation and financial stability. It is at times like these that international cooperation and dialogue among central banks is particularly valuable. In this context, the BIS continues to support central banks in delivering on their mandates.