Central banks promise to ‘restore stability’ under their mandate – the 2%-a-year inflation standard – after the great pandemic and war inflation of 2021–22. We question, however, whether this is feasible. We also argue that the inflation standard – indeed, the current monetary regime, as a whole – has shown itself to be deeply flawed.

Take views about the US Federal Reserve System. Consumer price index (CPI) inflation in the US (as well as the Fed’s favoured price index for personal consumption