Burkhard Balz: Cash and the Digital Euro – Complementary Forms of Public Money
Bundesbank Executive Board member Burkhard Balz stressed that cash and the forthcoming digital euro are complementary, not competing, pillars of public money in the euro area. He noted that cash usage in Germany has dropped from 74% in 2017 to 51% in 2023, underscoring the shift toward digital payments. The digital euro is positioned to improve efficiency, resilience and strategic autonomy, offering offline functionality and privacy safeguards. A pilot is slated for late 2027 with a potential rollout in 2029, contingent on EU legislation.
Michael S Barr: Deregulating in a Financial Boom - What Could Go Wrong?
Michael S. Barr, former Federal Reserve official, warned that recent deregulatory steps could erode the safety and soundness of U.S. banks. He noted that while loosening rules may boost short‑term credit growth, it also raises long‑term systemic risk. Barr cited...
Erik Thedéen: On the Sveriges Riksbank's High Threshold for Asset Purchases
In a recent speech, Sveriges Riksbank Governor Erik Thedéen emphasized the bank’s deliberately high threshold for balance‑sheet asset purchases, arguing that prudence outweighs aggressive quantitative easing. He reflected on how the unexpected surge in global inflation over the past few...
Olli Rehn: Europe's Economy Under the Weight of Power Politics
Olli Rehn, Governor of the Bank of Finland, warned that heightened geopolitics—particularly the Iran conflict and Russia’s war—are weighing on euro‑area growth and inflation, outlining three possible inflation paths and stressing that monetary policy must focus on whether shocks become...
Michelle W Bowman: Supervision and Regulation
Federal Reserve Vice Chair Michelle Bowman testified before the Banking Committee, outlining the current health of U.S. banks, the rise of non‑bank lenders, and emerging AI‑driven cyber risks. She detailed recent regulatory reforms, including an 8% community‑bank leverage ratio with...
Denis Beau: Strengthening the Security of European Payments
Denis Beau, president of the Banque de France’s Observatory for the Security of Payments Means (OSMP), outlined 25 years of experience fighting payment fraud. He highlighted how cashless payments in France grew 70% in a decade, prompting a shift from technical...
Lesetja Kganyago: Managing Supply Shocks - the Role of Monetary Policy
South Africa’s central bank raised its repo rate from 6.75% to 7% as supply‑side shocks intensify. Persistent oil price spikes from the closed Strait of Hormuz, fertiliser shortages, and rising diesel costs are driving up food‑price inflation. Farmers warn that...
Yannis Stournaras: What Can Central Banks Do About Housing Affordability
Yannis Stournaras, speaking at the Dubrovnik Economic Conference, warned that housing affordability has become a defining economic challenge, driven by low interest rates, wealth‑fueled demand and chronic supply constraints. He illustrated the problem with Greece, where high home‑ownership coexists with...
Fabio Panetta: Overview of Economic and Financial Developments in Italy
Fabio Panetta highlighted that the global economy proved unexpectedly resilient last year, posting 3.4% GDP growth—half a percentage point above forecasts. The United States grew over 2%, propelled by AI‑driven data‑center construction and rising equity valuations, while China added 5%...
Philip N Jefferson: Global Economic Developments and the US Economy
Federal Reserve Governor Philip N. Jefferson addressed the Bank of Japan, flagging three global forces shaping the outlook: soaring energy prices from the Middle East conflict, rapid advances in artificial intelligence, and lingering trade‑flow disruptions. He noted that while U.S....
François Villeroy De Galhau: Broadening the Horizon - Lessons From a Decade of Banking Supervision
In his final ACPR Annual Report speech, Governor François Villeroy de Galhau reflected on a decade of supervisory evolution since taking the helm in 2016. He highlighted the ACPR’s rise to a respected European authority, the shift to describing entities...
Kazuo Ueda: Oil Price Shocks, Inflation, and Monetary Policy in Japan
Bank of Japan Governor Kazuo Ueda opened the 2026 IMES Conference by reviewing Japan’s five major oil‑price shocks over the past five decades. He highlighted that each shock produced a distinct response in the consumer‑price index, ranging from a 20‑30%...
Philip R Lane: Europe and the World Economy
Philip R. Lane highlighted Europe’s deep integration into global trade, finance and supply chains, noting that the euro area’s trade openness is among the world’s highest. Over the past three decades, participation in regional and global value chains has doubled,...
Christopher J Waller: Policy Risks Have Changed
Federal Reserve Governor Christopher J. Waller warned that the Middle East conflict has turned energy‑price shocks into a lasting inflation risk, prompting him to drop the FOMC’s "easing bias" language and hold rates steady. While the labor market appears stable...
Abdul Rasheed Ghaffour: War, Oil Shocks and Trade Restrictions - Geoeconomics and Implications for Asia
The speech highlighted how the Ukraine war, the Middle‑East conflict and sweeping trade restrictions have created the largest oil supply shock in history, pushing Brent above $150 per barrel and tightening energy and fertilizer markets across Asia. These overlapping shocks...