Martin Kocher: Why Our Changing World Needs a Strong Euro
In a 2026 Lámfalussy Lectures speech, Martin Kocher argued that a strong euro is essential amid shifting global imbalances. He illustrated his point with a fictional Hungarian auto‑part producer, "Onlyup," showing how medium‑sized exporters thrive when currency stability supports long‑term planning. Kocher warned that without a resilient euro, firms could face heightened cost volatility and reduced competitiveness. The address underscored the euro’s role in sustaining Europe’s export‑driven growth model.
Fundi Tshazibana: Regulation and Supervision of the Financial Sector in the Age of Artificial Intelligence
Chief Executive Officer of South Africa's Prudential Authority, Fundi Tshazibana, warned that artificial intelligence is rapidly reshaping the financial sector, from customer‑facing chatbots to behind‑the‑scenes predictive models. He highlighted five core AI risk categories—third‑party dependence, cyber threats, model shortcomings, market‑wide...
Jorgovanka Tabaković: Overview of Recent Monetary and Macroeconomic Trends in Serbia
Jorgovanka Tabaković presented Serbia's latest Inflation Report, outlining current macroeconomic conditions and the central bank's policy response. She highlighted that global uncertainty remains high, with the recent Middle East conflict generating a sharp energy shock that pushes inflation expectations upward....
Joachim Nagel: Stable and Strong in Turbulent Times – Europe's Responses to Global Challenges
German Bundesbank President Joachim Nagel warned that Europe faces heightened geopolitical turbulence, from the Iran conflict to the Middle‑East war, which is driving energy‑price spikes and pushing euro‑area inflation up to 3.0% in April. The ECB Governing Council responded by...
José Luis Escrivá: Capital Flows, Exchange Rates, and Geopolitics - the Value of Trust in a Changing Global Order
In a BIS speech, José Luis Escrivá warned that the global geoeconomic order is shifting from multilateral cooperation to the use of economic tools as instruments of pressure, while rapid technological change reshapes money and payments. He argued that tariffs...
Philip R Lane: Climate Change and Monetary Policy
Philip R. Lane highlighted that 2023‑2025 are the hottest years on record, underscoring accelerating global warming. He noted that climate‑driven extreme events have already shaved more than 20% off global per‑capita GDP since 1960, equivalent to a 0.3% annual growth...
Joachim Nagel: Structural Challenges for the German Economy
Bundesbank President Joachim Nagel warned that Germany’s economy is confronting deep‑seated structural challenges. Growth has been tepid since the late 2010s, and a loss of competitiveness has driven a sharp decline in export market share. Around three‑quarters of that decline...
Michael Atingi-Ego: Launch of Centenary Bank's Custodial Services
Centenary Rural Development Bank announced the launch of its nationwide custodial services, marking a first for a major Ugandan bank. With about US$2.3 billion in assets, 82 branches and over 8,000 agents, the bank is positioned to offer secure asset‑keeping for...
François Villeroy De Galhau: A Long View on Monetary Policy - Three Clarifications Prompted by Three Challenges
In his final monetary speech, Bank of France Governor François Villeroy de Galhau reflected on a decade of central‑bank turbulence, from pre‑2020 low‑inflation pressures through the Covid‑induced deflation risk and the 2022‑23 inflation surge. He argued that despite these shocks,...
Ida Wolden Bache: Policy Rate Raised to 4.25 Percent
Norway’s Monetary and Financial Stability Committee lifted the policy rate by 0.25 percentage point to 4.25% as inflation remains above the 2% target. Consumer‑price inflation is 3.6% overall and about 3% core, driven by strong wage growth and higher global...
Poonam Gupta: Inflation Targeting in India - the Past, the Present and the Future
At a NCAER event, Poonam Gupta outlined India’s inflation‑targeting framework, noting the government’s Gazette notification on March 25, 2026 that renews the 4 percent target with a ±2 percent tolerance band through March 2031. She reviewed a decade of monetary‑policy decisions under this regime, highlighting...
Michelle W Bowman: A Coordinated Approach to Consumer Fraud Protection
Federal Reserve Board Vice Chair Michelle Bowman warned that consumer fraud is surging, with one in five U.S. adults victimized in 2024 and non‑credit‑card fraud generating $84 billion in losses, of which only $21 billion was recovered. She noted that fraud erodes...
Abdul Rasheed Ghaffour: Defining Moments - Shaping the Future Story
Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia, outlined Malaysia’s digital‑payment roadmap at a Kuala Lumpur forum. He highlighted that Malaysians now make more than one digital payment per day and that 90 % of merchants on Pulau Redang accept such...
Swaminathan J: Learning, Judgement and Public Purpose- Lessons From Banking
In his G. Ramachandran Memorial Lecture, Swaminathan J. reflected on three "educations" that shaped his banking career—the classroom, the branch counter, and supervisory oversight. He argued that economics theory provides the language for risk concepts, but real‑world judgment at the counter...
Ida Wolden Bache: Norges Bank's Management of the Government Pension Fund Global
Ida Wolden Bache outlined Norges Bank's handling of the Government Pension Fund Global (GPFG) as it navigates strong recent returns, heightened geopolitical risk, and a shift toward technology and AI. The fund posted a 15.1% return in 2025 and over...
Chang Yong Rhee: Farewell Address
In his farewell address, Governor Chang Yong Rhee reflected on a turbulent four‑year tenure marked by rapid global inflation, a sharp rise in the Bank of Korea’s base rate to 3.5%, and a series of external shocks—from the Russia‑Ukraine war...
Ayman M Al-Sayari: Statement - International Monetary and Financial Committee
Ayman M. Al‑Sayari warned that the war in the Middle East is a material test for the global economy and the multilateral system, raising the risk of a 1970s‑style stagflation scenario. He highlighted the IMF’s reliance on credible surveillance, lending...
Santiago Bausili: Finance, Economics and Investments
Argentina’s central bank says the stabilization program launched at the end of 2023 is delivering lower inflation expectations, a stable peso and record reserve purchases. Interest rates and volatility have fallen, and early signs of lending and economic activity are...
Sanjay Malhotra: Indian Financial Markets - Resilience and Resurgence
At the 25th FIMMDA‑PDAI Annual Conference, RBI Deputy Governor Sanjay Malhotra highlighted India’s macro‑economic resilience and the ongoing deepening of its financial markets. He noted an average 8.2% GDP growth from 2021‑25, inflation consistently below the 4% target, and foreign‑exchange...
Aleš Michl: Forever Hawkish
Aleš Michl became governor of the Czech National Bank in July 2022 when inflation was 17.5%, peaking at 18% two months later. By February 2024 the bank achieved its 2% target, becoming one of Europe’s first to do so, and...
Michelle W Bowman: Artificial Intelligence in the Financial System
At an FSOC round‑table on April 27, 2026, Federal Reserve supervisor Michelle Bowman highlighted artificial intelligence as a growing force multiplier for banks while flagging emerging cyber‑risk concerns. She noted the Fed’s recent amendment to model‑risk guidance that explicitly excludes generative...
Lesetja Kganyago: Supply Shocks, Monetary Policy and the 3% Target
South African Reserve Bank Governor Lesetja Kganyago said the country entered the current supply‑shock environment already at its newly adopted 3% inflation target, allowing the central bank to keep its policy stance calibrated. He highlighted that recent reforms—such as exiting...
John C Williams: There Is No Try
John C. Williams told the Cynosure Group that the Federal Reserve is holding the federal‑funds target range at 3.5%‑3.75% as it navigates a mix of resilient growth and heightened uncertainty. Real GDP is expected to expand about 2%‑2.25% this year...
Chiara Scotti: Digital Money and the Architecture of Trust
Chiara Scotti, speaking at a Banca d'Italia workshop co‑hosted with the ECB, emphasized that trust—not intrinsic value—underpins all forms of money. She warned that the rise of central‑bank digital currencies, stablecoins and tokenized deposits shifts focus from technology to the...
Tiff Macklem: Release of the Monetary Policy Report
The Bank of Canada kept its policy interest rate at 2.25% for the second consecutive meeting, citing persistent inflation risks from higher global energy prices. Inflation rose to 2.4% in March, driven by gasoline and food costs, while core inflation...
Aleš Michl: A Central Bank. And Bitcoin.
Czech National Bank Governor Aleš Michl told the Bitcoin Conference 2026 that his central bank reduced inflation from about 20% in 2022 to the 2% target within two years through a hawkish stance. He emphasized that disciplined, tighter monetary policy...
Yannis Stournaras: On the Contribution of the Economic and Financial Committee to the Development of the Euro Area and Future...
Greek Central Bank Governor Yannis Stournaras highlighted the Economic and Financial Committee’s pivotal role in shaping the euro area, from laying the groundwork for the single currency to steering Greece through its sovereign‑debt crisis. He recounted how the crisis spurred...
Christina Papaconstantinou: Central Banks and Independence - a Test for Democracy
Central bank independence, enshrined in EU law, shields monetary policy from short‑term political pressure while mandating price stability. The European Central Bank (ECB) and national banks operate under the Treaty on the Functioning of the EU, granting them a high...
Burkhard Balz: Foundations of Resilience - the Role of Cash and the Digital Euro
Burkhard Balz highlighted that payment system resilience relies on both cash and a forthcoming digital euro. He explained cash’s proven role as a risk‑free, offline anchor, especially during crises, and outlined how the digital euro is being designed with offline...
Erik Thedéen: Monetary Policy Challenges in War Related Supply Shocks
Erik Thedéen, a BIS executive board member, warned that recent geopolitical events—U.S. tariffs introduced in early 2025, the war in Iran and prolonged supply‑chain disruptions—are testing the resilience of the global economy. He suggested that the post‑World‑War II "Pax Americana" stability may...
Mugur Isărescu: South-East Europe's Next Leap Forward
Governor Mugur Isărescu outlined Romania’s post‑Covid recovery, noting that inflation, which spiked after energy and food price shocks, has begun to ease but remains exposed to supply‑side volatility. He emphasized the need for gradual fiscal consolidation, deeper structural reforms, and...
Chiara Scotti: From Analysis to Action - AI in Financial Markets
A joint OECD‑European Commission‑Banca d'Italia report maps AI usage across Italy's financial sector, highlighting a shift from back‑office tools to core market functions. The analysis shows AI is now integral to decision‑support and internal processes, while early adoption begins to...
Martin Schlegel: Comments on Swiss Monetary Policy
At the Swiss National Bank’s 2025 shareholders meeting, Martin Schlegel underscored the institution’s three pillars—legal independence, a proven monetary‑policy strategy, and expert staff—as essential to delivering its price‑stability mandate of 0‑2% inflation. He recapped a rapid tightening after the pandemic,...
Joachim Nagel: The Digital Euro - Anchoring Europe's Strategic Autonomy in a Digital Future
German Bundesbank President Joachim Nagel outlined the Eurosystem’s push for a digital euro, positioning it as a public‑sector complement to cash and private payment apps. He highlighted that cash now represents just 24% of daily payments in the euro area...
Sergio Nicoletti Altimari: The Italian Financial System - Stability, Innovation, and the Road Ahead
Deputy Governor Sergio Nicoletti Altimari highlighted the Italian financial system’s turnaround from the sovereign‑debt crisis to a more resilient, efficient landscape. He noted that banks have strengthened capital buffers, reduced non‑performing loans, and embraced digital tools, while non‑bank intermediaries are gaining...
Philip R Lane: Expanding the Supply of Euro Safe Assets
In a recent speech, Philip R. Lane highlighted the chronic undersupply of euro‑denominated safe assets, noting that Germany's Bunds serve as the de‑facto benchmark but are too limited in scale. He pointed to declining inter‑country spread volatility as evidence of...
Joachim Nagel: Central Bank Independence - Why It Matters
Otmar Issing’s legacy of embedding central‑bank independence into the Eurosystem was highlighted at a Frankfurt colloquium honoring his 90th birthday. The speech warned that expanding central‑bank mandates risks eroding autonomy, a concern echoed worldwide from Jakarta to Washington. It asked...
Sergiy Nikolaychuk: Ukraine's Economic and Financial Sector Resilience
Sergiy Nikolaychuk highlighted Ukraine’s remarkable economic and financial resilience after five years of full‑scale war. Despite a 28.8% GDP contraction in 2022, the economy rebounded with 5.5% growth in 2023 and is projected to expand 1.8% in 2026, while inflation...
Christopher J Waller: Modernising Federal Reserve Operations in the 21st Century
Federal Reserve Governor Christopher J. Waller outlined a roadmap to modernize the Fed’s operational backbone. He traced the system’s shift from a fully decentralized, paper‑centric model to today’s hybrid where payments, IT and fiscal‑agency work are already centralized. Waller proposed...
Petra Tschudin, Thomas Moser: Swipe, Scan, Tap - the Cashless Payments Market
Swiss households are rapidly shifting away from cash, which now represents roughly 30% of point‑of‑sale transactions. Debit and credit cards together account for about 50% of payments, while mobile‑payment apps have captured around 20% and are the fastest‑growing segment. The...
Olli Rehn: Geopolitical Turmoil and the Eurozone
Olli Rehn, the European Central Bank’s vice‑president, warned that the war in Iran and broader Middle‑East turmoil are delivering a negative terms‑of‑trade shock to the euro area, pushing inflation higher and slowing GDP growth. He reaffirmed the ECB’s medium‑term strategy...
Erik Thedéen: Vulnerabilities and Resilience in a New World Order
Riksbank Governor Erik Thedéen warned that heightened geopolitical tensions—from Russia’s war in Ukraine to Middle‑East conflicts—are exposing financial and operational vulnerabilities across the Nordic‑Baltic region. He highlighted Sweden’s low debt and inflation on target as a fiscal cushion that enables...
Paolo Angelini: DLT and Stablecoins - Where Do We Stand?
Paolo Angelini argues that while blockchain’s promise of eliminating intermediaries has largely remained unrealized, Distributed Ledger Technology is now moving from experimental pilots to production‑grade deployments. He notes a tentative but growing confidence that DLT can meet the stringent governance,...
Sarah Breeden: This Time Is Different?
Bank of England Deputy Governor Sarah Breeden warned that while the financial system has shown remarkable resilience through six major shocks over the past six years, new vulnerabilities are emerging. She highlighted stronger bank capital and liquidity, but noted the...
Peter Kažimír: Transformation, Integration and the New Frontier of Monetary Policy
Peter Kažimír outlined Slovakia’s three‑decade journey from a post‑communist economy to a stable euro‑zone member. He emphasized that macro‑economic stability, openness, and a credible central bank were prerequisites for growth, and that banking reforms were critical to transmit policy. The...
François Villeroy De Galhau: One Year on - Why the Transatlantic Partnership Remains of Mutual Interest
In a speech to the Atlantic Council, French central bank governor François Villeroy de Galhau highlighted that the global economy proved more resilient than expected over the past year. Global growth reached 3.4% in 2025, outpacing the 2.8% forecast, while...
Andrew Bailey: Central Bank Independence – in Need of Further Thinking
Andrew Bailey argues that the traditional notion of central‑bank independence (CBI) is outdated, especially as banks now juggle both monetary and financial‑stability mandates. He traces CBI’s roots from 19th‑century ideas of aligned interests to the post‑1970s statutory frameworks that anchor...
Denis Beau: The Challenges Posed by AI From the Perspective of the Central Bank
Denis Beau, senior official at the Banque de France, warned that artificial intelligence is reshaping the central bank’s core mandates of monetary and financial stability. He emphasized the need to monitor AI’s diffusion across the economy and its ambiguous effects...
Piero Cipollone: Sparking the Transformation of Finance - Tokenisation and the Role of Central Banks
Piero Cipollone of the BIS argued that tokenisation and distributed ledger technology could finally reduce the long‑standing 2% cost of financial intermediation in the United States and Europe. He contrasted this potential breakthrough with past innovations—derivatives, electronic trading, dematerialisation—that improved...
Vasileios Madouros: Minding the Tails - Safeguarding Resilience of Non-Bank Finance
Vasileios Madouros, Governor of the Central Bank of Ireland, warned that tail‑risk scenarios are expanding due to heightened geopolitical uncertainty and the rapid growth of non‑bank financial intermediaries. He highlighted that non‑banks now control roughly half of global financial assets,...