speech klaas knot - “ keti koti 2022 marks turning point for dnb ” 01 july 2022 general “ today, on behalf of de nederlandsche bank, i apologise. i offer our sincere apologies to all descendants of enslaved people in the netherlands, in suriname, in bonaire, sint eustatius and saba, in aruba, curacao and sint maarten. i apologise to all those who, because of the personal choices of many, including my predecessors, were reduced to the colour of their skin. i apologise to everyone who still bears the consequences of those choices even today. ” klaas knot spoke these words on 1 july 2022, keti koti, the annual celebration and commemoration of the abolition of slavery. he also stressed that dnb is not only opting for words, but also deeds. deeds that will set us on course for a more inclusive future. date : 1 july 2022 speaker : klaas knot location : slavernijmonument, amsterdam pieta. twelve hundred guilders. zaterdag. thirteen hundred guilders. pierot. five hundred guilders. “ old ”. august. three hundred guilders. “ sickly ". claartje. zero guilders. “ worthless ”. their names, their economic value, and a note on their health. this is how enslaved people were recorded in a ledger when they were bought or sold. a ledger from a sugar and coffee plantation in suriname. a ledger that was kept for one of the plantation owners : jan hodshon. the same man who, in 1816, two years after the abolition of the trade in enslaved people in the netherlands, two years after de nederlandsche bank was established, and after having been a board member for two years, became president of de nederlandsche bank. a position he held for nine years. and all the while, these kinds of ledgers were kept for him. all the while, he profited from slavery. and all the while, as he looked around the boardroom at the bank, he saw that he was no exception. personal involvement in slavery was nearly ubiquitous among members of the board. and when slavery was hotly contested in the netherlands, the members of dnb ’ s board did their best to keep the political winds blowing in their favour. my predecessors on the board of de nederlandsche

in real income owing to generally lower inflation. furthermore, notwithstanding recent developments, the overall improvements in financial markets seen since last summer should work their way through to the real economy, as should the progress made in fiscal consolidation. this being said, the remaining necessary balance sheet adjustments in the public and private sectors will continue to weigh on economic activity. overall, euro area economic activity should stabilise and recover in the course of the year, albeit at a subdued pace. the risks surrounding the economic outlook for the euro area continue to be on the downside. the recent tightening of global money and financial market conditions and related uncertainties may have the potential to negatively affect economic conditions. other downside risks include the possibility of weaker than expected domestic and global demand and slow or insufficient implementation of structural reforms in euro area countries. as stated in previous months, annual inflation rates are expected to be subject to some volatility throughout the year owing particularly to base effects. according to eurostat ’ s flash estimate, euro area annual hicp inflation was 1. 6 % in june 2013, up from 1. 4 % in may. this increase reflected an upward base effect relating to energy price developments twelve months earlier. however, underlying price pressures are expected to remain subdued over bis central bankers ’ speeches the medium term, reflecting the broad - based weakness in aggregate demand and the modest pace of the recovery. medium - term inflation expectations remain firmly anchored in line with price stability. the risks to the outlook for price developments are expected to be still broadly balanced over the medium term, with upside risks relating to stronger than expected increases in administered prices and indirect taxes, as well as higher commodity prices, and downside risks stemming from weaker than expected economic activity. turning to the monetary analysis, recent data confirm the subdued monetary and, in particular, credit dynamics. annual growth in broad money ( m3 ) decreased in may to 2. 9 %, from 3. 2 % in april. moreover, annual growth in m1 decreased to 8. 4 % in may, from 8. 7 % in april. the annual rate of change of loans to the private sector remained negative. while the annual growth rate of loans to households ( adjusted for loan sales and securitisation ) remained at 0. 3 % in may, broadly unchanged since the turn of the year, the annual rate of change of loans to non - financial corporations ( adjusted for loan sales and securitisation ) weakened further to – 2. 1 % in may,