The chief executive of Europe's biggest lender today called on central bankers to raise interest rates in order to combat inflation.
Michael Geoghegan, group chief executive at London-based HSBC Holdings, said central banks were not yet committed to taming inflation, and predicted US interest rates would rise after the US presidential election in November.
"Inflation is a long-term problem because there is no long-term will to solve it," Mr Geoghegan said during a speech organised by the Asia Society in Hong Kong.