accountable to the european parliament, and it is becoming more and more transparent. it nowadays also explains its actions to national parliaments. we have also increased transparency regarding our decisions by publishing the minutes of monetary policy meetings. one day, i am sure, we will publish how the different members of the governing council vote. we have already come a long way in this regard, and we will continue to follow this path. will the ecb save the euro? the euro is no longer in danger in the way that it could have been three years ago. but your question is revealing – it shows that society ’ s expectations of central banks are still excessive. in one respect, the fact that the ecb is independent of political constraints means that everyone pins their ( unrealistic ) hopes on it in terms of economic policy. but this is unreasonable! if too much is asked of central banks, they will become beholden to vested interests and less effective, losing their legitimacy in the process. but isn ’ t this evolution of the role of central banks irreversible? the best response is to show that we can consolidate growth without relying on monetary policy. this is the biggest issue for the coming months and years. to fulfil their goals in an extraordinary economic environment, central bankers have had to take no less extraordinary decisions that have placed them centre stage. as soon as stability returns, i have no doubt that they will return to their ploughs, like cincinnatus in roman times. are you a candidate for the position of governor of the banque de france? this is a decision for the french president alone. the banque de france is the ecb ’ s second - largest shareholder. it is a magnificent institution that should continue to make its voice heard in the euro area and in global financial debates. bis central bankers ’ speeches

michelle w bowman : high inflation and the outlook for monetary policy speech by ms michelle w bowman, member of the board of governors of the federal reserve system, at the american bankers association community banking conference, palm desert, california, 21 february 2022. * * * before we get to our conversation on community banking, i would like to briefly discuss my outlook for the u. s. economy and my view of appropriate monetary policy. 1 as i see it, the main challenge for monetary policy now is to bring inflation down without harming the ongoing economic expansion. inflation is much too high. last year i noted that inflationary pressures associated with strong demand and constrained supply could take longer to subside than many expected. since then, those problems have persisted and inflation has broadened, reaching the highest rate that americans have faced in forty years. high inflation is a heavy burden for all americans, but especially for those with limited means who are forced to pay more for everyday items, delay purchases, or put off saving for the future. i intend to support prompt and decisive action to lower inflation, and today i will explain how the fed is pursuing this goal. in the near term, i expect that uncomfortably high inflation will persist at least through the first half of 2022. we may see signs of inflation easing in the second half of the year, but there is a substantial risk that high inflation could persist. in january, the consumer price index rose to a 12 - month rate of 7. 5 percent, which, consistent with other recent monthly readings, was even higher than expected. employment costs for businesses, as measured by average hourly wages, also rose last month. and continued tightness in the labor market indicates that upward pressure on wages and other employment compensation is not likely to moderate soon. my base case is that inflation will moderate later this year, which will depend, in part, on appropriate actions by the federal open market committee ( fomc ). but with wage growth lagging behind inflation for the past year, many families may find it challenging to make ends meet and continued rising home prices will likely prevent many from entering the housing market. in addition, rising costs and hiring difficulties continue to be burdens for small businesses. turning to the labor market, which continues to tighten, indications are that the omicron infection surge earlier this year has not left a negative imprint on the economy or slowed job creation. i expect to see continued strength in the job market this year, with further gains