The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
Israel’s latest attack on Iran constitutes a bad shock for the global economy at an already fragile time. It raises risks for both growth and inflation, just as the flexibility in the fiscal and monetary tools that can be deployed in response has become limited.
How serious the adverse effects prove to be will depend on the magnitude and duration of Israel’s unilateral attack and the retaliation that it triggers. But given the already high level of uncertainty, markets are responding negatively.
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