, a principle which ensures maximum monetary policy effectiveness. it ’ s hard to imagine central bankers deciding whether bonds issued by a nuclear power station are green or not. and finally, in pursuing such remits, central bankers would again be entering the political arena, where there are many potential political traps that could undermine their independence and decision - making in the areas that need to stay of primary, if not exclusive, importance to them. this is a topic that would certainly warrant a separate presentation. i have tried to show at least briefly that central bank independence may not be as cast in stone as it seemed before the global financial crisis. the new remits that central banks are starting to take on likewise indicate that opinions are changing. after the gfc, the former exclusive focus on price stability was widened to encompass financial stability. and new goals – or at least items – are gradually being added to the contemporary remits of central banks. all this shows that, beneath its seemingly placid surface, the world of central banks is a very lively, dynamically developing and extremely interesting place. what is interesting czech central bankers at the moment? as i said at the start, in the second part of my address i will talk about our main macroeconomic and monetary policy considerations during the coronavirus crisis. from a purely technical perspective, this crisis has been fascinating and inspiring. it also took us completely by surprise. its main feature is that it was a typical exogenous shock : it hit the economy from the “ outside ”. 5 / 7 bis central bankers'speeches the gfc was caused by endogenous economic processes linked with huge levels of subprime lending, widening imbalances and unprecedentedly high risks building up in the financial sector, whereas the coronavirus pandemic is more like the plagues of egypt. it has often been said that this crisis has drawn a sharp dividing line between the sectors and industries which have profited unexpectedly and sometimes even wildly from it, and those which have been hit extremely hard or even wiped out by it. unlike typical cyclical crises, which tend to have a synchronised effect on most industries, this crisis is characterised by contrasting impacts. this feature has manifested itself in relatively smooth flows of employees between industries, so structural unemployment has stayed quite low. i should add, though, that strongly expansionary fiscal policy has been a major mitigating factor. at the price of sharply rising public debt, fiscal expansion has made it easier

mojmir hampl : european integration – a critical economist ’ s view speech by mr mojmir hampl, vice - governor of the czech national bank, at the europe at sixty : 1949 – 2009, metropolitan university, prague, 20 november 2009. * * * ladies and gentlemen, let me first express my deep gratitude to the organisers for inviting me to give this keynote speech today. and do not take it as a standard, politically correct opening sentence. i really mean it. for me it is quite a rare opportunity to speak frankly and openly on such an important topic, which the process of european integration certainly is, and to speak more as a scholar than a policy - maker. so i will try to do my best and to be outspoken enough to provoke questions and comments after i finish. therefore, the usual disclaimer is more relevant than ever this time : my opinions are not necessarily the opinions of my employer. i think european integration is a process that provides a lot of food for thought for many social scientists. i will try to approach the topic from the point of view of an economist, but also a citizen and a mere mortal, sharing with you some of my concerns as to how the process of european integration has been evolving so far and where it is most likely heading. these concerns are supported by the fact that as a member of the eu ’ s economic and financial committee, i can watch the integration process every day on - line as an insider, so to say. the title of this conference stresses the fact that european integration started 60 years ago. you know that exactly 60 years ago a completely different project, originally aimed to build up something “ brand new ”, also appeared quite far away from europe – in china. what irony of fate that after these sixty years it is now the chinese who seem to be on their way up, running fast, while the european union is stagnating or even descending economically. what bitterness, when one realises that on its way up, china is still a desperate and crazy communist regime that has just allowed its citizens a bit more freedom in the area of economic life. of course, a part of the explanation lies in the fact of simple economic convergence. but without any doubt, the eu is losing its momentum. not just now, in the crisis ; this is a longer process. in the eu it seems to me that we have started concentrating more on conservation or preservation of the existing wealth, rather than on wealth creation.