The managing director of the International Monetary Fund (IMF) holds a press conference: My hope and prayer is that the current ceasefire in the Middle East can bring lasting peace.

This week's (IMF/World Bank meetings) discussions focus on how we can best support countries struggling amid energy shocks. For most central banks, a "wait and see" approach is appropriate, but some may need to take policy action sooner. So far, many countries have avoided broad-based tax cuts, energy subsidies, and price controls. Non-targeted measures taken by some countries will only prolong the pain caused by high prices.