{ "title": "2018 Michel Camdessus Central Banking Lecture Series: Managing Director's Opening Remarks", "publication": "IMF News, September 6, 2018", "sourceUrl": "https://www.imf.org/en/news/articles/2018/09/06/sp090618-2018-michel-camdessus-central-banking-lecture-series", "canonical": "https://www.imf.org/en/news/articles/2018/09/06/sp090618-2018-michel-camdessus-central-banking-lecture-series", "overlayPath": "/en/news/articles/2018/09/06/sp090618-2018-michel-camdessus-central-banking-lecture-series/index.md", "summary": "

Welcome to you all on the occasion of the fifth Michel Camdessus Lecture—our signature lecture series on the role of central banks. It is my privilege to welcome and introduce the Governor of the Central Bank of Russia, Elvira Nabiullina, as our speaker today.

", "authors": [ "Christine Lagarde" ], "publishDate": "2018-09-06", "sections": [ { "heading": "Overview", "content": "- By Christine Lagarde, IMF Managing Director \n- IMF HQ, Washington, DC \n- September 6, 2018 \n- Occasion: the fifth Michel Camdessus Lecture—IMF signature lecture series on the role of central banks. \n- Purpose: welcome and introduce the Governor of the Central Bank of Russia, Elvira Nabiullina, as the speaker." }, { "heading": "Opera and Central Banking (Analogy and Framing)", "content": "- Central banking compared to opera as a \"rich\" and \"complex\" art form requiring mastery of many disciplines.\n- Emerging market central banks face a relatively higher share of challenges—from evolving policy frameworks to more frequent external shocks.\n- Clear public communications are key to ensuring policy actions are well-understood and to ensure legitimacy.\n- Clearly defined central bank mandates are critical—likened to broad \"musical themes\"—but there is no detailed \"sheet music\" to follow; central banks must \"write their own music\" and adapt in real time." }, { "heading": "Challenges in Emerging Markets (Findings and Risks)", "content": "- Greatest near-term threat to global growth: risk that trade and geopolitical tensions intensify, with adverse effects on confidence, asset prices, investment, and growth.\n- Additional pressures for emerging economies:\n - Stronger dollar and tightening of financial conditions as advanced economies normalize exceptional and unconventional monetary policies.\n - Lower capital inflows and rising costs of finance.\n - Testing of policy frameworks of some emerging market central banks.\n- IMF response: supporting members through advice and, in some cases, financing.\n- Domestic challenges for emerging market central bankers:\n - Less developed financial systems.\n - Banking system clean-up and consolidation (example: Russia), which can weaken monetary policy transmission.\n - Need to build credibility and anchor inflation expectations while managing potentially competing policy objectives." }, { "heading": "Striking the Right Tone (Leadership, Experience, and Institutional Reforms)", "content": "- Elvira Nabiullina's background and leadership:\n - Former Deputy Minister of Economy in the early 2000s; championed deep economic reforms.\n - Chief executive of Russia’s largest commercial bank.\n - Served as Minister of Economy—shaped Russia’s response to the global financial crisis.\n - Advisor to the President before becoming head of the Central Bank of Russia.\n- Central Bank of Russia under Elvira Nabiullina:\n - One of the largest central banks in the world, with 7 main branches and 74 divisions, and operations that span 11 time zones.\n - Moved to a fully flexible exchange rate and an inflation targeting regime to help cushion external shocks.\n - Noticeably strengthened the bank’s public communications.\n - Result: inflation expectations in Russia today are better anchored, and at lower levels, than they were only a few years ago.\n - Consolidation of banking sector: revoking more than 400 banking licenses and upgrading regulation and supervision of the financial sector.\n- Recognition: named ‘central bank governor of the year’ by Euromoney (2015) and The Banker (2017)." }, { "heading": "Concluding Remarks and Expectations", "content": "- Tribute to leadership qualities: character, intuition, and leadership likened to great opera conductors.\n- Anticipation of Elvira Nabiullina’s lecture on monetary policy, central banking, and Russia’s experience.\n- Planned engagement following the remarks: conversation about major challenges facing today’s central banks.\n\nSource: 2018 Michel Camdessus Central Banking Lecture Series: Managing Director's Opening Remarks\n\n---\n\n\n References\n\n- Christine Lagarde\n- Russian Federation and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2018/09/06/sp090618-2018-michel-camdessus-central-banking-lecture-series" } ], "bullets": [ "[Markdown version](/en/news/articles/2018/09/06/sp090618-2018-michel-camdessus-central-banking-lecture-series/index.md)", "[Structured JSON version](/en/news/articles/2018/09/06/sp090618-2018-michel-camdessus-central-banking-lecture-series/index.json)", "[Bundle manifest](/en/news/articles/2018/09/06/sp090618-2018-michel-camdessus-central-banking-lecture-series/bundle-manifest.json)", "Authors: Christine Lagarde", "Published: September 6, 2018", "By Christine Lagarde, IMF Managing Director", "IMF HQ, Washington, DC", "September 6, 2018", "Occasion: the fifth Michel Camdessus Lecture—IMF signature lecture series on the role of central banks.", "Purpose: welcome and introduce the Governor of the Central Bank of Russia, Elvira Nabiullina, as the speaker.", "Central banking compared to opera as a \"rich\" and \"complex\" art form requiring mastery of many disciplines.", "Emerging market central banks face a relatively higher share of challenges—from evolving policy frameworks to more frequent external shocks.", "Clear public communications are key to ensuring policy actions are well-understood and to ensure legitimacy.", "Clearly defined central bank mandates are critical—likened to broad \"musical themes\"—but there is no detailed \"sheet music\" to follow; central banks must \"write their own music\" and adapt in real time.", "Greatest near-term threat to global growth: risk that trade and geopolitical tensions intensify, with adverse effects on confidence, asset prices, investment, and growth.", "Additional pressures for emerging economies:", "IMF response: supporting members through advice and, in some cases, financing.", "Domestic challenges for emerging market central bankers:", "Elvira Nabiullina's background and leadership:", "Central Bank of Russia under Elvira Nabiullina:", "Recognition: named ‘central bank governor of the year’ by Euromoney (2015) and The Banker (2017).", "Tribute to leadership qualities: character, intuition, and leadership likened to great opera conductors.", "Anticipation of Elvira Nabiullina’s lecture on monetary policy, central banking, and Russia’s experience.", "Planned engagement following the remarks: conversation about major challenges facing today’s central banks.", "[Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)", "[Russian Federation and the IMF](http://www.imf.org/external/country/RUS/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/2018/09/06/sp090618-2018-michel-camdessus-central-banking-lecture-series/index.md", "json": "/en/news/articles/2018/09/06/sp090618-2018-michel-camdessus-central-banking-lecture-series/index.json", "bundleManifest": "/en/news/articles/2018/09/06/sp090618-2018-michel-camdessus-central-banking-lecture-series/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T22:09:48.185Z" }