jiri rusnok : the future of monetary policy - what can we see as the dust has settled? opening remarks by mr jiri rusnok, governor of the czech national bank, at the high - level economic conference, prague, 16 june 2019. * * * ladies and gentlemen, dear guests, i wish you a good morning. it is my pleasure to welcome you all to this high - level conference on “ the future of monetary policy : what can we see as the dust has settled? ” hosted by the czech national bank. this conference is organised as part of this year ’ s celebrations of the 100th anniversary of the introduction of our national currency – named the koruna – in 1919. before i give the floor to the distinguished speakers, let me first make a few remarks that will set the stage for the upcoming event. during the past 100 years, our currency and the overall economic situation of our country has enjoyed times of economic prosperity, but also some more difficult periods. this alternation between good and bad times applies elsewhere. before the outbreak of the global financial crisis ( gfc ) in 2008, it seemed that monetary policy had triumphed. inflation in advanced countries and elsewhere had decreased to low and stable levels. the goal of price stability had been achieved. central banks were using standard tools with well understood transmission mechanisms. the outbreak of the great recession suddenly changed this perspective. the gfc brought significant economic slack and deflationary tendencies to many countries. in response, central banks started using unconventional tools. since then, monetary policy has therefore been facing new challenges not only in practice, but also when it comes to the need for a deeper understanding of the new situation and transmission mechanisms. therefore, i am glad that so many distinguished speakers have accepted our invitation and have come to prague. and will share with us their experience and views on the new challenges for monetary policy. the conference will feature a policy panel. i am deeply indebted to the high - level representatives of other inflation - targeting central banks whose currency is derived from the name “ crown ” ( koruna in czech ) who have agreed to come to prague and join me in the panel. i strongly believe that our exchange of views on the monetary policy challenges that inflation - targeting economies have been faced with since the global crisis will be very inspiring. the conference also includes four thematic sessions. each session consists of two or three papers by distinguished economists along with a presentation by a commentator who puts the papers into the broader

s potential, and the economy will grow in a non - inflationary way. above all, if there is less debt, the quantity of money in the economy won't grow too much. this is an important condition for reducing inflation. ultimately, such an economy should attract foreign direct investment and its exports should thrive. the result will be a strong koruna. 1 zeman, m. ( 2016 ). speech at the festival exportu 2016 conference, czechinno, prague. 2 see https : / / www. cnb. cz / cs / verejnost / servis - pro - media / autorske - clanky - rozhovory - s - predstaviteli - cnb / covid - a - socialismus - nebezpecny - saci - reflex - naroda / and https : / / www. cnb. cz / cs / verejnost / servis - pro - media / autorske - clanky - rozhovory - s - predstaviteli - cnb / klausova - draha - permanentka / 3 https : / / www. cnb. cz / cs / o _ cnb / cnblog / inflace - v - cr - cyklicky - ci - acyklicky - pribeh / 4 https : / / www. cnb. cz / cs / verejnost / servis - pro - media / autorske - clanky - rozhovory - s - predstaviteli - cnb / krotitele - nakladove - inflace / 5 for details, see https : / / www. cnb. cz / cs / o _ cnb / cnblog / jak - dlouhy - je - spravny - horizont - menove - politiky /. 3 / 4 bis - central bankers'speeches 6 https : / / www. cnb. cz / cs / verejnost / servis - pro - media / autorske - clanky - rozhovory - s - predstaviteli - cnb / zapisky - z - jackson - hole - 1 - 00001. - dil / 7 https : / / www. cnb. cz / cs / verejnost / servis - pro - media /