Let me remind you that the ECB was the first major central bank to hold press conferences on its monetary policy decisions. The Economic Bulletin provides a comprehensive account of the economic and monetary analyses supporting the Governing Council’s assessments. In 2015, we took another important step: we started publishing accounts of the monetary policy meetings of the Governing Council, as an additional means to explain the deliberation process that leads to our actions. Overall, the steps that the ECB took to enhance transparency have been acknowledged in a report released this week by Transparency International EU. 8 Concerning monetary policy communication, it notably commends our decision to publish regular accounts of the Governing Council’s monetary policy discussions. By explaining the rationale behind our policy decisions, the accounts also show how the measures we take are aligned with our mandate of maintaining price stability. This is important, because some unconventional monetary policy measures have been challenged on the grounds that they could be serving other policy objectives. To elaborate further on this, I will take a few examples of monetary policy measures that some have perceived to be fiscal or quasi-fiscal measures. It is imperative to be fully transparent on such measures and dispel any doubts about their motivation and their effect on price stability. Safeguards against encroachment on the area of fiscal responsibilities are extremely important. Conflicts with the price stability objective could emerge from monetary operations that support unsustainable government finances or insolvent financial institutions.

With it has also come an unwavering sense of identity, ethics and purpose for medical practitioners. The numbers are equally telling. Polls such as Gallup and Ipsos have consistently ranked doctors among the most competent and ethical professionals worldwide. In 2016, 65% of people surveyed believed that medical doctors had either a high or very high level of honesty and ethical standards. The corresponding number for bankers was a mere 24%. A sad reflection of the state of affairs in the banking industry. We trust doctors with the most intimate details of our health problems, complications and issues. We adhere to their instructions and advice, often assuredly and willingly. Few professions enjoy such stature, respect and trust. This is the epitome of professionalism. Professionalism matters. Like the medical field, professionalism ought to form the cornerstone of the banking sector. It can be fostered. It should be practiced. And above all, it must be earned. As intermediaries in the economy and guardians of public funds, banking sector cannot hope to perform its role effectively if the respect and trust of the people is not earned. As we commemorate this graduation today, there’s no better time to ask ourselves what it means to be a professional banker. Drawing from the medical profession and the Hippocratic Oath, let us ponder on the traits to guide our pursuit of developing high calibre and trustworthy bankers, and professionalising the banking industry. Three traits come to mind; Competence, Character and Calling. The first is Competence.