Food for thought

Central Bank Speeches

Central bank speeches are an essential part of the communication of central banks in the 21st century. They serve the double purpose of improving public understanding and building public trust in the functioning of the central bank. Here is a selected of my favourite central bank speeches of recent years, with some highlights of the essential messages.

2021

Thirty years of hurt, never stopped me dreaming - speech by Andy Haldane

This is the farewell speech by Andy Haldane after 32 years at the Bank of England. He talks about his view on the character of the current inflation bout, on the important reforms to the monetary and financial frameworks of the Bank that have happened in the past 3 decades, on reforms of the international monetary system, and on the importance of central bank communication for the wider public and the society.

"As in the past, avoiding that inflation surprise is one of the central tasks of central banks.

Transparency is necessary for central bank success, but not sufficient. The “twin deficits” of public understanding and public trust need also to be tackled. These deficits are closely linked as the public are unlikely to trust something they do not understand. Alongside a greater quantity of communication, tackling these deficits requires a shift in the nature of central bank communications to boost understanding and in the degree of central bank engagement to build trust. Both of these shifts are now underway.

Trust building calls for public conversation, not public lectures. While communications land, trust is built.

Prior to COVID, I spent several years visiting left-behind parts of the UK listening to groups with whom the Bank had not traditionally engaged – workers, charities, community and faith groups. This is the economics of wandering around or “deep hanging out”. These visits were one of the most rewarding things I have ever done professionally, a unique source of intelligence on the economy of “folk wisdom”."

2018

Completing the Odyssean journey of the European monetary union - remarks by Vitor Constancio

2016

Macroeconomic Research After the Crisis - remarks by Janet Yellen

Convergence and lack of convergence in Eastern Europe: