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The Complexity of the Transition to Net Zero
The shock and the shifts that is causing energy markets will be felt for a long time. With no end in sight at the moment to Russia's war in Ukraine, uncertainties very much remain in the global energy situation. We need to deepen our understanding of energy markets - there are multiple markets and they interact in complex ways. At the same time we should be prepared for prices to be more volatile and perhaps more persistent. That could offer more challenging trade-offs for central banks.