First listen to the inflation expectations of households and firms: we don’t measure them properly today, although they are of the essence for economic transmission of monetary policy, as households and firms are the actual priceand wage-setters. Indeed, their price expectations are quite different from those of financial markets we tend to focus on. Listen and then speak: once a central bank has committed to a target, it must use every tool available to deliver on it and explain clearly that the transmission of the monetary impulse to the economy entails some delays. We are all  Page 10 sur 10  convinced that a credible inflation objective makes stabilizing inflation easier because the objective anchors inflation expectations. Let us convince our fellow citizens of our determination, “in plain language” – I hope my remarks today help somewhat to initiate this essential debate we will have to conduct and conclude in our ECB strategy review. Thank you for your attention. Références i I would particularly like to thank Nathalie Aufauvre, Matthieu Bussière, Olivier Garnier, Ivan Odonnat and Adrian Penalver for their help in preparing this speech. ii https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200123~3b8d9fc08d.en.html https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in200124_1~a226a06d7a.en.html iii Article 3.3 of the Treaty on the European Union. iv Article 127.5 of the Treaty on the Functioning of the European Union. v https://www.federalreserve.gov/newsevents/speech/powell20200827a.htm vi at the Evangelische Akademie Tutzing, Bavaria, 13 November 2010. vii https://www.banque-france.fr/sites/default/files/medias/documents/2020.05.25_sep_en_cl.pdf viii https://www.banque-france.fr/sites/default/files/medias/documents/bdf-pse_2019_09_20_vf_cl.pdf ix https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200227_1~5eac0ce39a.en.html x https://www.bankofcanada.ca/2020/08/imperative-for-public-engagement/

Turalay Kenç: The Turkish economic outlook and monetary policy – challenges and policy response Remarks by Mr Turalay Kenç, Deputy Governor of the Central Bank of the Republic of Turkey, at the EU Ambassadors Meeting, Ankara, 28 January 2016. *  *  *  I would like to start by thanking His Excellency Ambassador Cornelis van Rij for the opportunity to share with such distinguished audience some views about the Turkish economy, the challenges stemming from a very volatile external environment, and the policy approach that has been implemented to cope with these challenges. The Turkish economy has shown a relatively robust performance in the face of major external and internal shocks. GDP growth is estimated at around 4 percent in 2015 with an expected gradual strengthening of economic activity in 2016 and in 2017. The rise in GDP growth rate observed in 2015 is mostly attributed to strong private consumption. Private investment recorded a moderate recovery. The challenging external conditions especially geopolitical events in the region have adversely affected exports. However, the economic recovery in most EU member states enabled Turkey to largely compensate its loss in other exports markets as Turkey increased exports to the EU countries by more than 10 percent in euro terms in 2015. This outcome also highlights Turkish exporters’ resiliency in adopting to adverse economic conditions. Of course, probably the most significant development of the last year or so has been the sharp decline in oil prices.