2022年，主要发达经济体通胀居高不下，美国和欧洲等主要经济体央行加速退出量化宽松、大幅加息，以遏制通胀上升。货币大幅紧缩对供给推动型通胀的抑制作用有待观察，但可能导致主要发达经济体面临经济衰退风险，金融风险也随之上升。发达经济体货币紧缩通过贸易渠道、大宗商品渠道、资本流动渠道溢出至全球其他经济体，导致全球需求下滑、美元升值、融资成本被动上升、资产价格遭受冲击，金融脆弱性较高的经济体可能爆发货币危机或债务危机。值得注意的是，此次欧洲主要经济体在美联储加息期间还遭受了乌克兰危机及能源危机等多重冲击，受到的负面影响要超过上一次加息周期。
In 2022，inflation remains high in major developed economies and central banks in major economies such as the Federal Reserve and the ECB accelerate the withdrawal of quantitative easing and sharp interest rate hikes to curb rising inflation. The dampening effect of sharp monetary tightening on supply-driven inflation remains to be seen，but may lead to major developed economies face the risk of recession，financial risk also rose. Monetary tightening in developed economies spills over to other economies around the world through trade，commodity and capital flow channels，leading to a decline in global demand，dollar appreciation，local currency depreciation，a passive rise in domestic financing costs，asset price shocks，and the possibility of a currency crisis or debt crisis in economies with high financial vulnerability. It is worth noting that the major European economies during the Fed and the ECB rate hike also suffered from the Ukrainian crisis，the energy crisis and other multiple shocks，exchange rates and risk premium shocks are far more than the last rate hike. The European economy has been hit harder than the last rate hike cycle.
