Benjamin M. Friedman, the William Joseph Maier Professor of Political Economy at Harvard University, addressed central banks’ battle against inflation and the implications for monetary policy in a speech delivered on 7 July 2023. His remarks were followed by a panel discussion featuring Joachim Nagel (President of the Bundesbank), Fritzi Köhler-Geib (Chief Economist, KfW Group) and Jens Ulbrich (Director General Economics). The panel was hosted by Falko Fecht, Head of the Bundesbank’s Research Centre.