By Christine Lagarde, IMF Managing Director
IMF HQ, Washington, DC
", "authors": [ "Christine Lagarde" ], "publishDate": "2017-09-18", "sections": [ { "heading": "Overview", "content": "- Title: 2017 Michel Camdessus Central Banking Lecture Series: Managing Director's Opening Remarks\n- By Christine Lagarde, IMF Managing Director\n- Location and date: IMF HQ, Washington, DC, September 18 2017\n- As prepared for delivery\n- Contact listed: Phone: +1 202 623-7100 Email: MEDIA@IMF.org" }, { "heading": "Key framing: \"The Hockey Game\"", "content": "- Central metaphor: the aftermath of the global financial crisis compared to an Olympic level hockey game.\n- Timing and status:\n - This is the \"fourth Michel Camdessus Lecture\".\n - The game is described as \"well into the second period\" with central banks and other institutions \"up in favor\" for now.\n - Caution that \"the game is not over yet—after all, hockey has three periods!\"\n- Achievements credited to policy responses:\n - \"the crisis was overcome\"\n - \"a deflationary spiral avoided\"\n - \"a broad-based global recovery is underway\"\n - Referred to as \"A hat trick of sorts.\"\n- Outstanding tasks:\n - \"The unconventional and extraordinary policy measures taken during the crisis have yet to be unwound.\"\n - \"Policy and regulatory frameworks need to be further refined.\"\n - \"Lessons from the crisis need to be learned and remembered.\"" }, { "heading": "Three uncertainties highlighted", "content": "- First uncertainty: basic economic mechanisms\n - Questions raised:\n - \"What are the precise mechanisms that have underpinned the recovery and how robust is the current upswing?\"\n - Why inflation remains subdued—both headline and core—despite very low unemployment in some countries (United States and Japan).\n - Whether the Phillips curve \"has become flatter?\"\n - Questions about the level of the equilibrium interest rate in normal times, the so called 'natural rate' — \"has this rate fallen from prior levels? If so, by how much?\"\n - Policy implications: \"Do they allow for slower increases of interest rates? And at what level of interest rates is the 'normalization' complete?\"\n - \"To what extent monetary policy should worry about asset prices and financial stability.\"\n- Second uncertainty: national politics and international relations\n - Example given: \"uncertainty over the modalities and economic impact of Brexit.\"\n - General question: \"How should policymakers deal with these big question marks?\"\n- Third uncertainty: rapid technological change (fintech and electronic payments)\n - Questions raised:\n - \"Will digital currencies compete with fiat money and reduce the effectiveness of traditional monetary transmission?\"\n - \"How would this impact central banks’ ability to influence employment and inflation?\"\n - \"How will they safeguard financial stability?\"\n - \"To what extent should central banks embrace fintech?\"" }, { "heading": "Characterization of the speaker: \"The Goalie: Mark Carney\"", "content": "- Rationale for selecting Mark Carney as speaker/“goalie”:\n - Attributes sought: \"an able pair of hands, good reflexes, a cool head, and strategic thinking.\"\n - Mark Carney described as having those qualities.\n- Professional background and accomplishments (as stated):\n - Former Harvard team goalie (anecdotal), chose not to pursue NHL career.\n - Governor of the Bank of England; chair of the Financial Stability Board.\n - Early career: worked as a bank teller while in university; then as an investment banker at Goldman Sachs; later joined the public service team.\n- Central banking record:\n - As Governor at the Bank of Canada: \"deftly navigated the global financial crisis, including with proactive rate cuts—underpinning a stronger recovery in Canada than in most other advanced economies.\"\n - As Governor of the Bank of England: \"advanced the macroprudential policy agenda and led a robust monetary policy response after the Brexit referendum.\"\n- Global leadership and regulatory work:\n - As FSB Chair: \"pushed strongly for an effective Basel III and other regulatory reforms\" and \"get consensus on controversial matters and move the agenda forward.\"\n- Innovation and institutional change:\n - Credited with changes to the institutional design of the Bank of England \"to make the institution more flexible and responsive to new challenges.\"\n - Bank intellectual leadership cited on \"fintech and climate change.\"\n- Quotation on strategic foresight:\n - Wayne Gretzky quote quoted in context: \"A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.\"\n - Conclusion: \"Put simply, Mark is a great player.\"" }, { "heading": "Closing and agenda for the lecture series event", "content": "- Speaker invitation and expectations:\n - Christine Lagarde: \"I am deeply honored, Mark, that you have accepted our invitation to deliver the fourth Michel Camdessus Lecture.\"\n - Audience expectation: \"All of us here look forward to hearing your thoughts on monetary policy and central banking.\"\n - Planned follow-up: \"I also look forward to engaging with you in a conversation about the major challenges facing today’s central banks, after your remarks.\"\n- Final line: \"The floor—or should I say, the ice—is yours!\"\n\n2017 Michel Camdessus Central Banking Lecture Series: Managing Director's Opening Remarks — By Christine Lagarde, IMF Managing Director (IMF HQ, Washington, DC, September 18 2017).\n\n---\n\n\n References\n\n- Christine Lagarde\n- Canada and the IMF\n- United States and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/09/18/sp091817-michel-camdessus-central-banking-lecture-series-managing-director" } ], "bullets": [ "[Markdown version](/en/news/articles/2017/09/18/sp091817-michel-camdessus-central-banking-lecture-series-managing-director/index.md)", "[Structured JSON version](/en/news/articles/2017/09/18/sp091817-michel-camdessus-central-banking-lecture-series-managing-director/index.json)", "[Bundle manifest](/en/news/articles/2017/09/18/sp091817-michel-camdessus-central-banking-lecture-series-managing-director/bundle-manifest.json)", "Authors: Christine Lagarde", "Published: September 18, 2017", "Title: 2017 Michel Camdessus Central Banking Lecture Series: Managing Director's Opening Remarks", "By Christine Lagarde, IMF Managing Director", "Location and date: IMF HQ, Washington, DC, September 18 2017", "As prepared for delivery", "Contact listed: Phone: +1 202 623-7100 Email: MEDIA@IMF.org", "Central metaphor: the aftermath of the global financial crisis compared to an Olympic level hockey game.", "Timing and status:", "Achievements credited to policy responses:", "Outstanding tasks:", "First uncertainty: basic economic mechanisms", "Second uncertainty: national politics and international relations", "Third uncertainty: rapid technological change (fintech and electronic payments)", "Rationale for selecting Mark Carney as speaker/“goalie”:", "Professional background and accomplishments (as stated):", "Central banking record:", "Global leadership and regulatory work:", "Innovation and institutional change:", "Quotation on strategic foresight:", "Speaker invitation and expectations:", "Final line: \"The floor—or should I say, the ice—is yours!\"", "[Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)", "[Canada and the IMF](http://www.imf.org/external/country/CAN/index.htm)", "[United States and the IMF](http://www.imf.org/external/country/USA/index.htm)", "[Speeches](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2017/09/18/sp091817-michel-camdessus-central-banking-lecture-series-managing-director/index.md", "json": "/en/news/articles/2017/09/18/sp091817-michel-camdessus-central-banking-lecture-series-managing-director/index.json", "bundleManifest": "/en/news/articles/2017/09/18/sp091817-michel-camdessus-central-banking-lecture-series-managing-director/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T21:12:02.696Z" }