Emerging market (EM) central banks bolstered their credibility by tightening policy aggressively in response to the inflation surge and many countries have achieved a high degree of success in bringing inflation close to target. But they now face an external environment of extraordinarily high uncertainty -- with major shifts in global trade policies and heightened geopolitical risks – as well as domestic political pressures to support growth and employment. This panel will consider the near-term outlook and risks facing EM central banks and will cover broader questions about appropriate monetary policy strategies for navigating this more challenging environment, and how EM central banks can use key tools such as foreign exchange intervention.