klaas knot : monetary policy and the great financial crisis speech by mr klaas knot, president of the netherlands bank, at the third annual nyenrode finance day, breukelen, 28 october 2011. * * * the past four years have been tumultuous for the global financial system and the global economy in an unprecedented way for all of us. the eruption of a systemic financial crisis of quite unusual intensity and international reach has been compared to the widespread shutdown of international capital markets on the eve of the first world war. the violent unraveling of events has shaken many beliefs in the economics profession. and the threat of a collapse of the world economy similar to the great depression has prompted unprecedented policy responses. monetary policy makers reacted to the crisis by deploying both conventional and unconventional tools. in this speech, i want to discuss how the conduct of monetary policy in the euro area has evolved during the different stages of the crisis and the challenges it is currently facing. to put this discussion in perspective, let me start by recalling the ecb ’ s mandate to deliver price stability, as is anchored in the maastricht treaty. pursuing this mandate requires that a number of elements are in place. first, there has to be a credible commitment to price stability as a primary goal of monetary policy. a credible commitment implies that the public ’ s long - run expectations about inflation are anchored by the ecb ’ s definition of price stability – hicp inflation below but close to 2 %. second, monetary policy has to be transparent and monetary authorities must be accountable for their decisions. this implies a need for clear and effective communication. third, monetary policy decisions have to be taken in full independence from political influence. this principle is laid down in the maastricht treaty. it implies the strict prohibition of monetary financing. fourth, monetary policy has a medium - term orientation, given the long and variable lags of the monetary transmission mechanism. fifth, monetary policy is underpinned by a comprehensive analytical framework, which rests on two pillars : the economic analysis and the monetary analysis. i should note that the crisis has shown how the monetary analysis can play an important role in signalling financial imbalances and vulnerabilities. it is an important input in a strategy of “ leaning against the wind ”. finally, monetary policy follows a so - called “ separation principle ”, which distinguishes decisions about the monetary stance aimed at achieving price stability from tools directed at implementing monetary

launch of the new generation banknotes remarks by dr. patrick njoroge governor, central bank of kenya june 1, 2019 narok stadium, narok county as prepared for delivery your excellency ; distinguished guests ; fellow citizens : it gives me great pleasure to participate in this auspicious national celebration. i am particularly grateful to your excellency for the honour you have bestowed on the central bank of kenya, by graciously inviting me to say a few words at the end of this beautiful ceremony. it was also our singular honour, your excellency, when you visited the central bank last december and launched kenya ’ s new generation coins which have wildlife images as the theme. it is therefore fitting that today we are in narok county, home of the world - acclaimed maasai mara and the animals depicted on our coins. after launching the new coins, the matter of the new generation banknotes still remains, that is, the issuance of banknotes that are consistent with the 2010 constitution. while the constitution provides guidance on the features and elements that may be depicted, cbk also invited the public to provide their views on the design elements. having consulted widely, cbk considered and selected the most appropriate elements — the design features that best meet cbk ’ s technical requirements, serve the public aspirations, and capture the spirit of the constitution. your excellency, the central bank of kenya has now completed the process of producing the new generation banknotes, in accordance with the constitution and all applicable laws. i confirm that the new generation banknotes were issued yesterday, may 31, 2019, by a gazette notice. they are now legal tender. a few words on the new banknotes are in order. the new banknotes bear a significant aspect of our nation, and like the coins, will serve as a means of passing knowledge, conserving culture and promoting our global uniqueness. all banknotes bear the image of kenyatta international conference centre, one of the most iconic and recognisable landmarks in our country. the banknotes also embody each of the big five ; nyati, chui, kifaru, simba, and ndovu. each banknote has a unique theme to show the richness of our people and nature in our beautiful kenya. for the fifty shillings we have green energy, one hundred shillings - agriculture, two hundred shillings - social services, five hundred shillings – tourism, and one thousand shillings - governance. these