Central Banks Live: Speeches, Interviews, and Testimony

Piero Cipollone: Some like it hotter: the conditions for a cyclical recovery in euro area productivity

Isabel Schnabel: Reassessing monetary policy tools in a volatile macroeconomic environment

The Great Moderation 20 years on – and beyond – speech by Catherine L. Mann

Given at the Annual Conference of the Society of Professional Economists in London

Kugler, Central Bank Independence and the Conduct of Monetary Policy

Speech At the Albert Hirschman Lecture, 2024 Annual Meeting of the Latin American and Caribbean Economic Association and the Latin American and Caribbean Chapter of the Econometric Society, Montevideo, Uruguay

Philip R. Lane: Macroeconomics of sovereign debt

Isabel Schnabel: The ECB’s balance sheet reduction: an interim assessment

Christine Lagarde: Welcome address at the tenth anniversary of the Single Supervisory Mechanism

Christine Lagarde: Competition policy in a changing world

ECB publishes consolidated banking data for end-June 2024

Christine Lagarde: Interview with Le Monde

The future of money and payments - speech by Andrew Bailey

Given at Group of Thirty’s 39th Annual International Banking Seminar, Washington

Bowman, Opening Remarks

Speech At the Eighth Annual Fintech Conference, Philadelphia, Pennsylvania

Waller, Centralized and Decentralized Finance: Substitutes or Complements?

Speech At the Vienna Macroeconomics Workshop, Institute of Advanced Studies, Vienna, Austria

Waller, Thoughts on the Economy and Policy Rules at the Federal Open Market Committee

Speech At “A 50 Year Retrospective on the Shadow Open Market Committee and Its Role in Monetary Policy,” a conference sponsored by the Hoover Institution, Stanford University, Stanford, California

Bowman, Challenges to the Community Banking Model

Speech At the 18th Annual Community Bankers Symposium, Community Banking: Navigating a Changing Landscape, Chicago, Illinois

Jefferson, The Fed's Discount Window: 1990 to the Present

Speech At the Charlotte Economics Club, Charlotte, North Carolina

Kugler, The Global Fight Against Inflation

Speech At the Conference on Monetary Policy 2024: Bridging Science and Practice, European Central Bank, Frankfurt, Germany

Enhancing our national asset: Maximising the value of data collections across the financial sector − speech by James Benford

Given at RegTech Summit London

Innovation in Digital Assets in the Financial System and The Bank − by Sasha Mills

Given at Digital Assets Week

Powell, Economic Outlook

Speech At the National Association for Business Economics Annual Meeting, Nashville, Tennessee

Competing on a Global Stage − speech by Shoib Khan

Given at Bank of America Securities Annual Financials CEO Conference

Who’s buying? The outlook for consumption in a rate cutting cycle − speech by Megan Greene

Given at The North East Chambers of Commerce, Newcastle

Regulatory Impact Statement: Holidays Act reform - Further Policy Decisions

Legislation: Holidays Act 2003Ministerial portfolio: Workplace Relations and SafetyDocument on Ministry of Business, Innovation and Employment website at September 2024: Regulatory Impact Statement: Holidays Act reform - Further Policy Decisions (links to PDF)Assessment: RIS adequacy assessed by authoring agency.

Strong and Simple – completing the picture - speech by David Bailey

Given at the Building Societies Association

Supplementary Analysis Report: Funding arrangements for Parliament

Legislation: Parliament ActMinisterial portfolio: Leader of the HouseDocument on Parliamentary Service website at September 2024: Supplementary Analysis Report: Funding arrangements for ParliamentAssessment: RIS adequacy assessed by authoring agency.

Regulatory Impact Statement: Increasing annual vehicle license fees 2024

Legislation: Land Transport Act 1998Ministerial portfolio: TransportDocument on Ministry of Transport website at September 2024: Regulatory Impact Statement: Increasing annual vehicle license fees 2024Assessment: RIS adequacy assessed by authoring agency.

Regulatory Impact Statement: Disposals of trading stock at below market value

Legislation: Income Tax Act 2007Ministerial portfolio: RevenueDocument on Inland Revenue website at September 2024: Regulatory Impact Statement: Disposals of trading stock at below market value (Links to PDF)Assessment: RIS adequacy assessed by authoring agency.

Interim Regulatory Impact Statement: Supporting shooting clubs and ranges

Legislation: Arms Act 1983Ministerial portfolio: JusticeDocument on Ministry of Justice website at September 2024: Interim Regulatory Impact Statement: Supporting shooting clubs and ranges (Links to PDF)Assessment: RIS adequacy assessed by authoring agency.

Financial stability at your service − speech by Sarah Breeden

Based on remarks given at Wharton-IMF Transatlantic Dialogue, Washington DC

Let’s get ready to repo! - speech by Victoria Saporta

Given at Association for Financial Markets in Europe (AFME), London

Empower executive role model − speech by Afua Kyei

Given at the Google UK Headquarters, 6 Pancras Square, London

Solvency UK – time to build − speech by Gareth Truran

Given at Insurance Asset Risk Webinar

UK inflation: What's done and what's to come - speech by Jonathan Haskel

Given at King’s College London with the Economic Statistics Centre of Excellence (ESCoE)

A rich vein or fool’s gold? Economic forecasts during large shocks − speech by Swati Dhingra

Given at ECONDAT on 10 May 2024

The UK’s Digital Securities Sandbox: supporting the next frontier of innovation− speech by Sasha Mills

Given at City Week 2024

2024-04-18 - Antoine Martin / Thomas Moser: The implementation and transmission of the SNB's monetary policy during the recent tightening cycle

Since peaking at 3.5% in August 2022, inflation in Switzerland has fallen sharply and stood at 1.0% in March 2024. This speech discusses how the implementation and transmission of the Swiss National Bank's monetary policy contributed to this substantial decline in inflation. By implementing its policy rate effectively in the secured short-term Swiss franc money market and by ensuring broad transmission to all relevant financial market interest rates and Swiss franc exchange rates, the SNB was able to rapidly dampen inflation in Switzerland. As a complement to its interest rate policy, the SNB sold foreign exchange to counter inflationary pressures from abroad. While interest rate policy is the SNB's main lever for influencing monetary conditions, in a small open economy such as Switzerland, FX intervention has proved to be an effective additional instrument for creating monetary conditions that ensure price stability.

2024-04-26 - Thomas Jordan: Price stability thanks to forward-looking monetary policy

In recent years, the Swiss National Bank has had to ensure price stability in very different situations. It has succeeded in doing so by focusing on its mandate and through its monetary policy strategy. The years before the coronavirus pandemic were characterised by low inflation. The outbreak of the pandemic triggered a serious downturn in the global economy, and the Swiss franc as a safe haven once more came under strong appreciation pressure. In this phase, the SNB fulfilled its mandate by using negative interest and extensive purchases of foreign exchange to counter the threat of deflation. After years when it had been exceptionally low, inflation suddenly returned with all its might across the world as the pandemic subsided. Supply that had been reduced by containment measures and disrupted supply chains met with demand heightened by catch-up effects. The war in Ukraine also saw energy prices shoot up, giving further impetus to inflation. The SNB tightened its monetary policy early by international comparison. Already in the second half of 2021, it deliberately allowed the Swiss franc to appreciate by being restrained in its purchases of foreign currency. After the first quarter of 2022, the SNB refrained from foreign currency purchases, and from the middle of the year tightened its monetary policy both by raising the SNB policy rate in several steps and by selling foreign currency. Thanks also to the early monetary policy tightening, inflation in Switzerland was at all times significantly lower than in many other countries, and has been back in the range consistent with price stability since mid-2023. Without its forward-looking monetary policy, the SNB would have had to raise its policy rate much more strongly at a later stage, with potentially negative consequences for the economy and the labour market. The successful fight against inflation also allowed the SNB to ease its monetary policy in March 2024, which at the same time supported economic activity. Although its approach has proven its worth in a wide variety of situations, the SNB will always critically examine its own assessments, and will endeavour to identify changes in conditions as early as possible and analyse their impact. It is thus well equipped to continue ensuring price stability in Switzerland in the future.

2024-05-30 - Thomas Jordan: The natural rate of interest (r*) as a reference point for monetary policy - a practitioner's view

Over the past years, the natural rate of interest (r*) - defined as the real interest rate consistent with stable inflation in an economy operating at full capacity in the medium term - has become an important reference point for monetary policy. The difference between the real interest rate and r* gives a measure of a central bank's monetary policy stance. Monetary policy is restrictive if the real interest rate is above r* and it is expansionary if it is below r*. Therefore, evaluating where the real interest rate is relative to r* helps to structure discussions about monetary policy options.  However, r* is unobserved and has to be estimated from the data. These estimates are subject to considerable uncertainty, which complicates their use in the monetary policy process. Nevertheless, neglecting r* estimates in practical monetary policy considerations would be a mistake. Given the uncertainty surrounding r* estimates, it is an important task of our economists to form a robust view on r*. They derive this view from a portfolio of different models and cross-check the results against a broader set of indicators to arrive at a measure of r* that is useful for monetary policymaking. This measure plays an important role in our monetary policy decisions. First, it is an important element in assessing monetary conditions. However, other factors - such as real exchange rates - also play an important part in this assessment at the SNB. Second, the deviation of the real interest rate from r* is essential for our inflation forecast and thus for gauging medium-term inflationary pressure.  Uncertainty surrounding r* estimates can be narrowed down to some extent, but it cannot be eliminated. Our risk management approach to monetary policymaking acknowledges the uncertainty and prescribes that policy decisions be appropriate for a range of scenarios. Ultimately, our decisions are guided by our mandate of ensuring price stability.

2024-09-26 - Thomas Jordan / Martin Schlegel / Antoine Martin: Introductory remarks, news conference

2024-10-30 - Martin Schlegel / Sébastien Kraenzlin: SNB to develop new banknote series