New Delhi, June 28 -- Global economic pressure points are complicating central banks' mission to preserve price and financial stability. Financial and fiscal fault lines may imperil economic progress and threaten future prosperity. The tide may turn on the artificial intelligence (AI) boom and persistent inflation from more frequent supply shocks.

While the economy and financial system have proven resilient so far, we cannot take this for granted. Today's challenges demand decisive and disciplined action to reinforce economic foundations and safeguard the financial system for the future. Public policy must focus on three priorities: securing price stability, restocking the public purse and shoring up financial stability beyond the bankin...