{
  "title": "Managing Director’s Opening Remarks: 2022 Michel Camdessus Central Banking Lecture",
  "publication": "IMF News, September 14, 2022",
  "sourceUrl": "https://www.imf.org/en/news/articles/2022/09/14/sp091422-md-opening-remarks-2022-michel-camdessus-lecture",
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  "summary": "In a short three years, we have experienced a shock, upon a shock, upon a shock. First the pandemic; then Russia’s invasion of Ukraine—both contributing to a surge in prices, to stubborn inflation that is translating into a cost-of-living crisis.",
  "publishDate": "2022-09-14",
  "sections": [
    {
      "heading": "1. Introduction",
      "content": "- Event: ninth Michel Camdessus Lecture — signature lecture series on the role of central banks.\n- Location and date: Washington, DC; September 14, 2022.\n- Speaker introduced: Governor of the Banque de France, François Villeroy de Galhau.\n- Acknowledgments:\n  - Presence of Michel Camdessus’s family, including his granddaughter, Camille.\n  - Former First Deputy Managing Directors Anne Kruger and John Lipsky.\n  - IMF staff and senior leaders recognized for service to the membership.\n- Personal note: Managing Director highlights two reasons for welcoming the speaker:\n  - François’s “remarkable policy integrity and vision.”\n  - Shared engagement on the shock that climate change imposes on humanity and its future."
    },
    {
      "heading": "2. Global Outlook",
      "content": "- Core observation: “In a short three years, we have experienced a shock, upon a shock, upon a shock.”\n- Major shocks identified:\n  - The pandemic.\n  - Russia’s invasion of Ukraine.\n  - Climate shocks affecting agricultural productivity during the summer.\n- Consequences:\n  - Surge in prices and stubborn inflation translating into a cost-of-living crisis.\n  - Higher-than-forecast inflation reading for August reported the morning of the lecture; markets sharply down.\n- Recent historical reference:\n  - At the IMF Annual Meetings last October, global growth was “relatively strong—we ended the year with 6.1 percent growth.”\n  - Expectations that the pandemic was over were proven wrong by Omicron, the invasion of Ukraine, and climate shocks.\n- Policy implication: Inflation is “stubborn and more broad-based than we thought,” requiring resolute central bank action."
    },
    {
      "heading": "3. Policy Actions",
      "content": "- Shift in policy stance since 2020:\n  - 2020 response: monetary policy accommodation combined with fiscal policy accommodation to address pandemic as a major supply-side shock with demand-side implications.\n  - Current response: monetary policy needs to tighten; fiscal policy must continue supporting the most vulnerable while avoiding fueling inflation.\n- Interaction risk:\n  - If fiscal policy is not sufficiently targeted, “it may become the enemy of monetary policy, fueling inflation and making the job of central banks tougher.”\n- Debt situation and risks:\n  - “More than 25 percent of emerging market economies have either defaulted or had bonds trading at distressed levels, including countries that we did not expect to see in this category.”\n  - “Over 60 percent of low-income-countries are in, or at high risk of, debt distress.”\n- Responsibilities called out:\n  - Large creditors such as China and private-sector creditors have a responsibility to act to reduce the risk of debt crises.\n  - Debt is also an issue for advanced economies and is “very relevant for the credibility of monetary and fiscal policies.”\n- IMF role: Provide analytics to help steer through this time of uncertainty."
    },
    {
      "heading": "4. Personal Credibility and Experience of the Speaker",
      "content": "- Attributes emphasized:\n  - Credibility and public trust are decisive in policy effectiveness.\n  - François described as an example of integrity and backbone who “never mince[s] [his] words.”\n- Biographical and professional details:\n  - From the Alsace region; speaks French, English, and German.\n  - Favorite book: Stefan Zweig’s autobiography “The World of Yesterday: Memories of a European,” which includes depiction of inflation in the early 1920s.\n  - Career path:\n    - 12 years in the private sector.\n    - Many years in the French Ministry of Finance.\n    - Since 2015, Governor of the Banque de France and member of the Governing Council of the European Central Bank.\n    - Chair of the Bank for International Settlements (“the ‘central banker of the central bankers’”).\n- Policy leadership noted:\n  - Work on macroprudential policy in France: “building buffers ahead of the pandemic,” which supported the economy through the COVID-induced shock.\n  - Leadership on the Network for Greening the Financial System.\n- Personal connection: Michel Camdessus contributed to thinking behind the lecture; speaker and Camdessus are close friends.\n\nManaging Director’s Opening Remarks: 2022 Michel Camdessus Central Banking Lecture\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- France and the IMF\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/2022/09/14/sp091422-md-opening-remarks-2022-michel-camdessus-lecture"
    }
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    "Published: September 14, 2022",
    "Event: ninth Michel Camdessus Lecture — signature lecture series on the role of central banks.",
    "Location and date: Washington, DC; September 14, 2022.",
    "Speaker introduced: Governor of the Banque de France, François Villeroy de Galhau.",
    "Acknowledgments:",
    "Personal note: Managing Director highlights two reasons for welcoming the speaker:",
    "Core observation: “In a short three years, we have experienced a shock, upon a shock, upon a shock.”",
    "Major shocks identified:",
    "Consequences:",
    "Recent historical reference:",
    "Policy implication: Inflation is “stubborn and more broad-based than we thought,” requiring resolute central bank action.",
    "Shift in policy stance since 2020:",
    "Interaction risk:",
    "Debt situation and risks:",
    "Responsibilities called out:",
    "IMF role: Provide analytics to help steer through this time of uncertainty.",
    "Attributes emphasized:",
    "Biographical and professional details:",
    "Policy leadership noted:",
    "Personal connection: Michel Camdessus contributed to thinking behind the lecture; speaker and Camdessus are close friends.",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[France and the IMF](http://www.imf.org/external/country/FRA/index.htm)",
    "[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)"
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