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Tag Archives: Speech / Interviews

The tale of the three stabilities: price stability, financial stability and economic stability

Governor François Villeroy de Galhau of Banque De France in this speech: The past twelve months have seen some of the most dramatic events since World War II, with this unprecedented pandemic. For this reason, and given that today is about the Financial Stability Review, I will focus on the concept of stability itself. Other sources of instability have affected the world economy in the past decade or so: the Global Financial Crisis and ensuing recession, the European Debt Crisis, or...

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Modern challenges for the modern central bank: perspectives from the Bank of England

Andrew Bailey of Bank of England draws lessons from the central bank’s recent history: It is a great pleasure to participate in the LSE German Symposium, and congratulations to the organisers for such an interesting programme. I want to take the opportunity today to step back a little and offer some thoughts on the context and framework of monetary policy. It is fast approaching twenty five years since the UK decisively changed its monetary policy framework and embraced the idea of an...

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Did the current crisis change our way of economic thinking?

Robert Holzmann, Governor of Oesterreichische Nationalbank (Austrian Central Bank) in this speech: It is too early to judge whether the COVID-19 crisis will have a lasting impact on economic policymaking. Yet, the crisis has certainly put a spotlight on the powerful effects that economic policy can have. The direct macroeconomic support observed during the past six months has been impressive. Let me elaborate on one issue in this context, which will be addressed tomorrow in more detail:...

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The Eye of Providence: Thoughts on the Evolution of Bank Supervision

Federal Reserve recently organised a conference on bank supervision (lots of papers here). Federal Reserve Vice Chair for Supervision Randal K. Quarles delivers a speech in the conference: In many respects, the focus of today’s conference on bank supervision, rather than regulation, and the relatively recent efflorescence of scholarly attention to that topic, are welcome new developments. In other respects, however, the question of the proper scope of bank supervision is not a new topic...

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Central bankers of the future

Agustín Carstens, General Manager of the BIS in this speech looks at central bankers of future: What if a time-travelling central banker from yesteryear woke up today in a BIS meeting of central bankers? And – after somebody had explained to her why everyone was wearing a mask – what would she think of the topics being discussed? Especially, how amazed would she be at the way tech is driving big changes in finance and central banking? My guess is that she would pick out four or five...

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The fox and the hedgehog: preparing in a world of high risk and high uncertainty

Charlotte Gerken of Bank of England in this useful speech again quotes from the animal world: Good morning. Thank you to Insurance ERM for inviting me to speak at your conference. When I told a colleague I had been asked to give a talk on responses to risk, he told me: “the fox knows many things; the hedgehog knows one important thing.” I was curious to learn more: this idea came from a fragment of text by an Ancient Greek poet Archilochus of Paros; it inspired Isaiah Berlin’s 1953 essay...

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The EU’s first anti-fraud prosecutor reflects on the challenges of tackling transnational crime

Project EU is not just about monetary, banking and capital markets union but several other unions at work. They have set up a pan-EU anti fraud prosectuion team and Romania’s Laura Codruta Kövesi is heading the unit. In this interview in IMF’s F&D Magazine, Laura discusses her role: Laura Codruta Kövesi is no stranger to fighting corruption. After becoming Romania’s youngest and first woman prosecutor-general, she served as head of the National Anti-Corruption Directorate from 2013...

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What Has Central Bank Independence Ever Done for Us?

Andy Haldane in this speech summarizes the views on central bank independence so far: This year has seen central bank balance sheets expand further. Global QE now stands at around $17 trillion and is set to rise further. For some, this has blurred the distinction between monetary and fiscal policies to an even greater extent than in the past. It has also intensified the debates and concerns around central bank independence expressed at the Bank’s conference three years ago. Against that...

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Central Bank of Israel invests forex reserves in equity to boost returns

Bank of Israel Deputy Governor Andrew Abir discusses the forex reserve investment strategy of the central bank: It is important that the investment strategy for the foreign exchange reserves, subject to attaining the security and liquidity targets, generate an average return over time that is at least equal to the cost of financing the reserves (the cost of liabilities on the Bank’s balance sheet). The Bank of Israel is constantly examining ways to adjust the investment policy and the...

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Kenya’s digital transformation journey

Dr. Patrick Njoroge, Governor, Central Bank of Kenya in this speech: Digitalization, the theme I have been asked to focus on, has seen us through this difficult period. In the context of the COVID-19 containment measures—and particularly movement restrictions and curfews—digital platforms have enabled our citizens to access financial, health, education and medical services, entertainment, and shop online. In Kenya, the digital rails built over the last fifteen years have been a saving...

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