How are central banks responding to rising inflation?- What are the potential risks and benefits of raising interest rates in the current economic climate?

Answer the following questions:

Monetary Policy:
1. What are the main tools used by central banks to implement monetary policy? (e.g., interest rates, quantitative easing)
Current Events:
2. How are central banks responding to rising inflation?
3. What are the potential risks and benefits of raising interest rates in the current economic climate?
Compare and Contrast:
4. Compare and contrast the monetary policies of different countries.