The year 2025 reminded us that the world can change quickly and not always in ways that we expect. Globally, geopolitical tensions intensified and growing geoeconomic fragmentation reshaped trade relationships and unsettled financial markets. With supply chains tested and businesses lacking clarity, investment decisions were put on hold. This uncertainty made the economy harder to read, as evidenced by repeated revisions to global growth forecasts. Yet, uncertainties and volatilities are not foreign to central banks. In fact, history reminds us that this is not an exception but a permanent feature of the economy. What matters is how we respond to it – with vigilance, pragmatism, and the ability to adapt – without losing sight of purpose.

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