##miceri ( 2024 ), “ the drivers of post - pandemic inflation, ” nber working paper series 32859 ( cambridge, mass. : national bureau of economic research, august ), https : / / www. nber. org / papers / w32859. for the economic effects on the size of fiscal stimuli, see oscar jorda and fernanda nechio ( 2023 ), “ inflation and wage growth since the pandemic, ” european economic review, vol. 156, 104474. see christiane baumeister, gert peersman, and ine van robays ( 2010 ), “ the economic consequences of oil shocks : differences across countries and time, ” in renee fry, callum jones, and christopher kent, eds., inflation in an era of relative price shocks ( sydney : reserve bank of australia ), pp. 91 – 128, https : / / www. rba. gov. au / publications / confs / 2009 / pdf / conf - vol - 2009. pdf ; and andrea de michelis, thiago ferreira, and matteo iacoviello ( 2020 ), “ oil prices and consumption across countries and u. s. states, ” international journal of central banking, vol. 16 ( march ), pp. 3 – 43. for the effects of labor market tightness on price and wage inflation, see olivier j. blanchard and ben s. bernanke ( 2022 ), “ what caused the u. s. pandemic - era inflation? ” nber working paper series 31417 ( cambridge, mass. : national bureau of economic research, june ), https : / / www. nber. org / papers / w31417 ; olivier j. blanchard and ben s. bernanke ( 2024 ), “ an analysis of pandemic - era inflation in 11 economies, ” nber working paper series 32532 ( cambridge, mass. : national bureau of economic research, may ), https : / / www. nber. org / papers / w32532. - 8researchers at the board of governors also find that differences in the pace of disinflation across countries have been largely driven by different trajectories of services price inflation. 13 as shown on slide 5, they find that the dispersion of inflation across countries peaked in 2023 and has been declining since then for headline and core goods,

capacity to implement common and consistent measures in order to restart operations after a cyber - attack ; page 3 sur 3 ( iii ) test dedicated crisis communication tools. 3 ) monitoring the degree of cyber security and the progress of cyber resilience programmes. irrespective of the nature of our organisation ( a central bank, a commercial bank, an insurance company, a fmi ), we have to not only deal with a large number of cyber security issues, but also to coordinate a large number of stakeholders ( boards, senior executives, chief information officers, chief risk officers, chief information security officers, etc., ). therefore it is of utmost importance, but at the same time difficult to obtain an overview of cyber security. all levels of management ( technical, operational and executive ) need to have appropriate information to monitor cyber resilience and cyber risks. above all, monitoring cyber security at the executive level ( “ tone at the top ” ) may prove to be challenging. of course, there is a broad range of different metrics and it is necessary to select a limited number of them. for instance, if i had to mention three of them, i would choose : ( i ) overseeing the development of awareness and training within the organisation ; ( ii ) monitoring patch management in order to make sure that identified flaws are corrected in due time ; ( iii ) and, last but not least, capturing the effectiveness of the identification and authentication processes. in a nutshell, key indicators help to improve the governance of the it security system. * * to conclude, i believe that it is necessary to better structure the international governance of cyber security in the financial sector : it is clear that the different regulatory and supervisory authorities are aware of “ cyber risks ”. this is becoming apparent through the numerous initiatives at various levels ( domestic, european, and international ). while this is welcome, it is both delicate but necessary to strengthen international cooperation in order to ensure that there are neither loopholes nor overlaps and that there is convergence towards proposals and solutions that can easily be shared with others.