Denis Beau: Stablecoins - What Strategic Choices for Europe?
Denis Beau, senior official at Banque de France, outlined the EU’s strategic response to the rise of USD‑denominated stablecoins. He warned that unchecked “stablecoinisation” and “dollarisation” could threaten Europe’s monetary sovereignty and advocated preserving the two‑tier system of central‑bank money and regulated private money. France will deploy tokenised central‑bank money services (projects Pontes, Appia, and the digital euro) by year‑end and backs EU‑wide initiatives such as MiCA, the Market Integration Package, and the European Payments Initiative. Beau called for stronger MiCA rules to limit non‑euro stablecoins and to ensure banks, rather than non‑bank actors, issue stablecoins for greater resilience.
Philip R Lane: AI and the Euro Area Economy
In a recent BIS speech, Philip R. Lane described artificial intelligence as a new general‑purpose technology poised to reshape production, business models, and the euro‑area economy. He traced AI’s rapid evolution from narrow machine‑learning tools to large language models and...
Michael S Barr: Brief Remarks on Stablecoins
In his remarks, Michael S. Barr highlighted the bipartisan GENIUS Act, which mandates that stablecoin issuers hold only high‑quality, highly liquid reserve assets. He noted that clearer rules could speed stablecoin adoption for crypto trading, cross‑border remittances, and corporate treasury...
Piero Cipollone: Building the Rails for Europe's Tokenised Financial Markets
Europe’s tokenised capital markets have moved from pilot projects to real‑world issuance, with issuers placing roughly €4 bn (about $4.3 bn) in DLT‑based bonds since 2021 and €1.6 bn ($1.7 bn) in cross‑border trials this year. The Eurosystem is addressing two core bottlenecks—platform fragmentation...
Piero Cipollone: The Digital Euro - Preparing for a Potential Launch
Eurozone leaders reaffirmed the strategic importance of a digital euro, linking it to monetary sovereignty, reduced retail‑payment fragmentation, and Single Market resilience. The Eurosystem is advancing technical preparations but will only issue the token‑based currency after a dedicated legal framework...
Michelle W Bowman: Supporting Small Businesses
Federal Reserve Governor Michelle Bowman highlighted the outsized role of small businesses, which employed 59 million Americans and generated $16 trillion in revenue in 2023, accounting for roughly half of private‑sector jobs and 44% of GDP. She noted that community and regional...
Gabriel Makhlouf: Inflation, Growth, and Monetary Policy in a Fractured World
Gabriel Makhlouf, the ECB’s chief economist, warned that the ongoing Middle‑East conflict is creating a deep energy supply shock that could push oil to $145 per barrel and keep euro‑area inflation above the 2 % target through 2027. He outlined three...
Luis De Guindos: Navigating Turbulence - Challenges for Europe and the Path Ahead
Luis de Guindos warned that Europe faces heightened geopolitical uncertainty, especially from the Middle‑East war, which threatens energy prices and financial stability. He noted the euro area grew 1.5% in 2025 and inflation has hovered near the ECB’s 2% target,...
Gabriel Makhlouf: Bridge to the Future - Mobilising Europe's Savings in a Fragmenting World
Gabriel Makhlouf, Governor of the Central Bank of Ireland, warned that Europe’s household deposits now total roughly $11 trillion, yet investment falls far short of the $818‑$872 billion needed annually by 2030. He linked this gap to weak growth, persistent Single Market...
François Villeroy De Galhau: Little Time Left to Wake up - Can We Reconcile Europe with Speed?
François Villeroy de Galhau used his final Eurofi speech as Governor of the Banque de France to warn that Europe is running out of time to act on known reforms. He stressed that the continent knows what must be done,...
Abdul Rasheed Ghaffour: Evolving Roles and Responsibilities of Central Banks in a Changing Landscape
Abdul Rasheed Ghaffour argued that central banks must evolve from pure stability stewards to architects of economic resilience. He highlighted four structural pressures—global economic re‑ordering, rapid digital transformation, demographic shifts, and heightened public scrutiny—that are reshaping policy effectiveness. In response,...
Christopher Kent: Reassessing Australian Financial Conditions
In his KangaNews address, Christopher Kent explained how the Reserve Bank of Australia’s Monetary Policy Board evaluates financial conditions every six weeks to set the cash rate. He defined financial conditions as the cost and availability of credit, exchange rates...
Lisa D Cook: Reflections on Financial Stability
Lisa D. Cook, a Federal Reserve Governor and chair of the Committee on Financial Stability, reflected on the Fed’s evolving approach to systemic risk. She highlighted the Committee’s 2014 creation, the Financial Stability Report’s focus on four vulnerability channels, and the...
Priscilla Muthoora Thakoor: Supervision of Climate Risks
First Deputy Governor Rajeev Hasnah opened a workshop on climate‑risk supervision, highlighting the Bank of Mauritius’ new guideline effective January 2024 and its first climate‑scenario analysis for banks. He warned that the World Bank’s CCDR projects up to a 10 %...
Sabine Mauderer: Preserving Stability in a Fragmented and Uncertain World
Sabine Mauderer, chair of the NGFS, warned that heightened policy uncertainty—especially around climate and energy transition—is already dampening economic output and private investment, citing a 0.5% U.S. GDP hit and a $65 billion loss for the global car industry. She highlighted...
Claudia Buch: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Claudia Buch presented the ECB’s 2025 Annual Report on supervisory activities, highlighting that euro‑area banks remain well‑capitalised with an aggregate CET1 ratio near 16% and stable non‑performing loans around 2%. While short‑term indicators are robust, medium‑to‑long‑term risks are elevated due...
Dimitar Radev: The Euro and the Banking Sector - Readiness to Participate and Shared Responsibility
Bulgaria’s switch to the euro was the culmination of a multi‑year overhaul that fortified banks’ balance sheets, upgraded risk‑management practices, and aligned the sector with European standards. The transition unfolded smoothly, with payment systems operating normally and no immediate credit‑risk...
Fabio Panetta: Introductory Remarks – Conference "Laying the Groundwork for Jobs in Africa: Core Infrastructure and Business Environments"
Fabio Panetta highlighted the looming youth employment crisis, noting that 1.2 billion young people will join the labour force in developing nations over the next decade, with Africa accounting for a quarter of the global youth population by 2050. He warned...
Adnan Zaylani Mohamad Zahid: Opening Remarks - Financing Sectoral Engagements (FSE) Inaugural Session
Malaysia's central bank highlighted a shrinking current‑account surplus, now under 3% of GDP, and rising external debt. With banks allocating over 60% of loans to households and only 20% to non‑SME corporates, financing for high‑value, capital‑intensive sectors remains limited. The...
Primož Dolenc: Opening Address - "Stablecoins and Their Impact on Financial Stability"
Primož Dolenc, Governor of Banka Slovenije, warned that the rapid growth of stablecoins—now valued at about $315 bn—poses financial stability challenges. He highlighted the dominance of US‑dollar‑backed coins like Tether and USDC and the risk of monetary fragmentation despite Europe’s MiCAR...
Kevin Greenidge: Shared Seas, Shared Struggles - a Caribbean Perspective on the Challenges Facing Small Island Developing States
Barbados confronted a 2018 crisis with public debt soaring to 179% of GDP and reserves falling to roughly $110 million USD. It introduced the homegrown Barbados Economic Recovery and Transformation (BERT) plan, swiftly moving to a primary surplus, restructuring debt and...
François Villeroy De Galhau: Private Markets - Three Conditions to Get the Good without the Bad or the Ugly
Governor François Villeroy de Galhau highlighted Paris’s position as the EU’s leading financial centre and fourth worldwide. He noted that despite recent political uncertainty, foreign‑investment projects in France increased modestly in 2025 and the domestic savings pool remains strong. The...
Agnès Bénassy-Quéré: Speech - "Research Conference on Climate- and Nature-Related Risks in the Economic and Financial Systems"
A research conference on climate‑ and nature‑related risks attracted nearly 200 submissions, underscoring rapid growth in the field. Speakers highlighted that physical risks from climate change and ecosystem degradation are already influencing macroeconomic variables such as inflation, productivity, and fiscal...
Luke Forau: 2026 Monetary Policy Stance
The Central Bank of Solomon Islands (CBSI) announced an accommodative monetary stance for the next six months, introducing a new policy rate of 1.5% as a primary signal to the market. Growth for 2025 was revised up to 3.6% and...
Michelle W Bowman: Liquidity Resiliency, Financial Stability, and the Role of the Federal Reserve
Michelle Bowman opened a roundtable on the U.S. bank liquidity framework, reviewing the Liquidity Coverage Ratio, Net Stable Funding Ratio, internal stress testing and resolution planning. She argued that fifteen years after the financial crisis, these tools often create excess...
Chang Yong Rhee: The Future of Asia - Can It Remain the Engine of Global Growth?
In a keynote at the IMF‑Bank of Thailand “Asia in 2050” conference, Bank of Korea Governor Chang Yong Rhee highlighted Asia’s remarkable economic transformation since 1991. Per‑capita GDP across the region has risen nearly eightfold, lifting more than 1.2 billion people...
Swaminathan J: Digitalisation for Inclusive Finance and Sustainability - Priorities for the Next Phase
Professor Partha Ray closed the International Conference on Digitalisation for Inclusive Finance and Sustainability by emphasizing that digital tools are means, not ends. He identified three strategic shifts: moving from mere access to capability and confidence, from fast to fair...
Tiff Macklem: New Players, Old Risks - Financial Stability in a Changing Landscape
Tiff Macklem warned that the financial system’s growing reliance on non‑bank players is creating new systemic vulnerabilities, especially through hedge‑fund leveraged trading in sovereign bonds and the rapid expansion of private credit. He highlighted that hedge funds now purchase up...
Sabine Mauderer: Presentation of the Deutsche Bundesbank's Annual Report 2025
First Deputy Governor Sabine Mauderer presented the Deutsche Bundesbank’s 2025 Annual Report, highlighting a net equity rise to €363 billion and a gold revaluation reserve of €387 billion. The bank’s loss for the year was more than halved, signalling a clear improvement...
Kazuo Ueda: The New Financial Ecosystem and the Role of Central Banks
At FIN/SUM 2026, BOJ Governor Kazuo Ueda outlined how AI and blockchain are reshaping the financial ecosystem and reaffirmed central banks' role as the anchor of trust. He highlighted the programmability of DeFi, the potential of AI‑driven analytics, and the...
Denis Beau: Economic Developments in France and the Euro Area
Denis Beau highlighted that France and the euro area have remained surprisingly resilient despite a cascade of shocks, including the Covid‑19 pandemic, the war in Ukraine, and heightened trade tensions. Inflation has dropped sharply, reaching 1.7 % in January and nearing...
Michele Bullock: Listening to Australians, Interpreting the Data and Setting Monetary Policy
Michele Bullock, the Reserve Bank of Australia governor, outlined why the Board unanimously raised the cash rate in February. She highlighted that inflationary pressures have intensified since mid‑2022, driven by capacity constraints and a still‑tight labour market. Underlying price growth...
Sarah Hunter: Recent Refinements to the Dual Mandate and Navigating Back to Target
Sarah Hunter, speaking at a Norway conference, outlined the outcomes of the 2022‑23 Reserve Bank of Australia (RBA) review and the subsequent refinements to its dual mandate. The review praised three decades of strong economic performance under flexible inflation targeting...
Caroline Abel: Opening Remarks - "Navigating Risk and Resilience - AML/CFT Strategies for a Transparent Financial System for Reporting Entities...
Caroline Abel opened a workshop in Seychelles to boost AML/CFT resilience, highlighting a partnership with the London Stock Exchange Group’s Risk Division. The session underscored the island’s ongoing legal and supervisory reforms, driven by past Mutual Evaluations and national risk...
Ryozo Himino: Japan's Economy and Monetary Policy
Ryozo Himino delivered a speech in Wakayama outlining Japan’s macro‑economic landscape through a detailed AD‑AS diagram. He organized endogenous variables in a circular layout, positioning stable exogenous factors at the core and short‑lived variables on the periphery. The presentation linked...
Chiara Scotti: Programme for Strengthening the Central Bank Capacities in the Western Balkans with a View to the Integration to...
The European System of Central Banks has launched Phase III of an EU‑financed technical cooperation programme to strengthen central bank capacities in the Western Balkans. Hosted by Banca d’Italia, the initiative builds on two successful phases that delivered training, internships and...
P Nandalal Weerasinghe: Central Bank of Sri Lanka's Policy Agenda for 2026 and Beyond
Governor P. Nandalal Weerasinghe outlined the Central Bank of Sri Lanka’s policy roadmap for 2026, building on the macro‑economic stability achieved in 2025. He highlighted that despite global trade uncertainties, market volatility and geopolitical tensions, inflation fell below 5 % and...
Pål Longva: Report From Norges Bank Watch
In 2025 Norges Bank cut its policy rate twice, first to 4.25% in June and then to 4% in September, surprising markets despite the bank’s stated commitment to transparent communication. Governor Pål Longva highlighted ongoing efforts to convey forecast uncertainty,...
Piero Cipollone: The Digital Euro - Enhancing Payments in the Euro Area
In a February 2026 speech to Italy’s Parliamentary Committee, ECB Executive Board member Piero Cipollone outlined the digital euro initiative, stressing its role in modernising payments and reinforcing trust through democratic legitimacy. He framed the project as a strategic response...
Sarah Hunter: Defining Full Employment and Its Intertwined Relationship with Inflation
Sarah Hunter explained that the Reserve Bank of Australia (RBA) defines full employment as the highest sustainable job level compatible with low, stable inflation. She highlighted the intrinsic link between labour market balance and the RBA’s price‑stability mandate, noting that...
Isabel Schnabel: Made in Europe
In a February 2026 lecture, ECB Executive Board member Isabel Schnabel argued that Europe’s narrative of decline is misleading. She highlighted the continent’s high quality of life, strong institutions, and social protections as foundations for future growth. Schnabel emphasized that...
David Ramsden: The Evolution of the Bank's Approach to Resolution
Sir David Ramsden, Deputy Governor for Markets and Banking at the Bank of England, outlined how the regulator’s resolution framework has changed since the 2023 failures of Silicon Valley Bank UK and Credit Suisse. He emphasized a shift toward greater...
Alberto Naudon: Chile's Economic Outlook
Alberto Naudon, Deputy Governor of the Central Bank of Chile, highlighted that 2025 delivered stronger‑than‑expected growth, with non‑mining activity expanding close to 3% and gross fixed capital formation rising about 7% driven by mining and energy projects. Inflation accelerated early...
Philip R Lane: Bulgaria and the Euro
Philip R. Lane praised Bulgaria’s smooth euro cash changeover, noting that euros now represent 70 percent of cash in circulation as the dual‑lev/euro period ends on 31 January 2026. The speech highlighted Bulgaria’s new seat at the ECB Governing Council, giving the country a...
Christine Lagarde: Preparing for Geoeconomic Fragmentation
European Central Bank President Christine Lagarde warned that deepening supply‑chain interdependence now poses a security risk, prompting Europe to shift toward strategic autonomy. She outlined three policy levers—diversification, indispensability and independence—to reduce reliance on distant suppliers, especially in electronics, chemicals...
Olaf Sleijpen: Repairing the Vending Machine - How the Savings and Investment Union Is Key to Europe's Future
Olaf Sleijpen, governor of De Nederlandsche Bank, highlighted Europe’s €10 trillion of low‑yield household deposits and the need to channel them into productive capital markets through the Savings and Investment Union. He warned that fragmented insolvency regimes and national rules act...
Piero Cipollone: The Digital Euro - Strengthening Europe's Payments Ecosystem
In a speech in Nicosia, ECB Executive Board member Piero Cipollone presented the digital euro as a cornerstone for Europe’s payment autonomy, security and competitiveness. He emphasized the ECB’s readiness to issue retail central‑bank digital money while maintaining wholesale settlement...
Philip N Jefferson: Economic Outlook and Supply-Side (Dis)inflation Dynamics
Vice Chair Philip N. Jefferson said he is cautiously optimistic about the U.S. economy, noting a 4.4% annualized GDP surge in Q3 2025 and a modest 2.2% growth outlook for 2026. The labor market appears balanced with unemployment hovering near 4.4%...
Kazuyuki Masu: Economic Activity, Prices, and Monetary Policy in Japan
Kazuyuki Masu, a Bank of Japan policy board member, highlighted that U.S. auto tariffs rose to 12.5% in 2025, pressuring Japanese car exporters. He noted that the yen’s depreciation has partially offset the earnings hit for automakers. Masu added that...
Ida Wolden Bache: Economic Perspectives
Ida Wolden Bache, governor of Norges Bank, delivered her annual address on 12 February 2026, warning that geopolitical power plays and rapid AI advances are reshaping the economic landscape. She cited Mark Carney’s view that economic integration is being used...