[safe Ding Zhijie: developed countries are once again facing a dilemma between price stability and financial stability]-- Today, at the 2023 Tsinghua Wudaokou Global Financial Forum, Ding Zhijie, director of the Foreign Exchange Research Center of the State Administration of Foreign Exchange, said that developed countries are once again facing the dilemma of price stability and financial stability. The causes of inflation this time are complex, including COVID-19, overheated demand, global industrial chain supply chain, and geo-conflict. the superposition of these factors has led to a rapid rise in global commodity prices. although there has been a decline, the stickiness of inflation in Europe and the United States is still relatively obvious. The response policy in Europe and the United States is to raise interest rates similar to those in the 1980s. Both European and American banks continued to raise interest rates in May, especially since the Federal Reserve has raised interest rates ten times in a row since 2022, totaling 500bp. The side effects of the interest rate hike policy are becoming more and more obvious and are likely to trigger banking crises in Europe and the United States. (Wang Hong, reporter of the Financial Associated Press)