Central banks are grappling with the highest inflation in decades. This panel discussion will explore the balance central banks must strike between achieving stable prices and supporting employment and will examine the risks to central bank credibility and independence, as well as those that come with higher interest rates, and the particular challenges faced by emerging markets. Join Gita Gopinath, Olivier Blanchard, Mohamed El-Erian, and Changyong Rhee for a discussion moderated by Tom Keene.