Agustín Carstens: speeches

ContextPresentation of the BIS Annual Economic Report at the Annual General Meeting in Basel; the BIS serves central banks worldwide and faces an uncertain global outlook.

Why it mattersThe BIS annual report warns that renewed inflation surges would damage trust and urges attention to non-bank risks.

ContextClosing remarks at a conference in Basel honouring the speaker's 45-year career; the BIS serves central banks worldwide and helps them learn from past policy lessons.

Why it mattersThe outgoing BIS head reflects on four decades of policymaking, from inflation targeting to monetary-fiscal conflicts.

ContextMayekawa Lecture by Agustín Carstens, General Manager of the BIS, at the Bank of Japan, Institute for Monetary and Economic Studies (IMES) conference, Tokyo, Japan, 27 May 2025.

Why it mattersThe BIS head calls for proactive supervision and full Basel III implementation to preserve trust.

ContextWelcome speech at the first BIS Chapultepec Conference in Mexico City, gathering central bank governors of the Americas; the BIS serves central banks worldwide and faces a more uncertain region.

Why it mattersThe BIS head warns that doubts on public finances raise risk premia across the Americas.

ContextLecture on central bank framework reviews; the BIS serves central banks worldwide and helps them learn from the post-pandemic inflation surge.

Why it mattersThe BIS head urges central banks to rebalance frameworks toward preventing inflation surges.

ContextPresentation by Agustín Carstens, General Manager of the BIS, prepared for an event hosted by the Bank of Spain, "Central bank independence in the face of present and future challenges", Madrid, 17 January 2025.

Why it mattersThe BIS head sets out principles for central bank independence and warns against overloaded mandates.

ContextVideo panel contribution on the future of finance; the BIS serves central banks worldwide and promotes safe innovation in the financial system.

Why it mattersThe BIS head argues that financial innovation needs an overall vision built on central bank money.

ContextWelcome speech at the Resolution Conference 2024, co-organised by the BIS, the FSB and deposit insurers; the BIS serves central banks worldwide and draws lessons from the 2023 bank failures.

Why it mattersLast year's failures show mid-sized lenders need more debt that can absorb losses before taxpayers do.

ContextSpeech on the global outlook; the BIS serves central banks worldwide and watches risks from high real rates and loose public finances.

Why it mattersLoose public budgets could keep real interest rates elevated even after inflation has eased.

ContextDinner speech by Agustín Carstens, General Manager of the BIS, at the joint European Banking Authority and European Central Bank international conference, Frankfurt am Main, 3 September 2024.

Why it mattersThe BIS head calls for adequately resourced supervisors that cooperate across borders.

ContextAddress by Agustín Carstens, General Manager of the BIS, to the Reserve Bank of India Global Conference on "Digital Public Infrastructure and Emerging Technologies", 27 August 2024.

Why it mattersThe BIS head proposes linking fast payment systems and using tokenised deposits.

ContextKeynote address by Agustín Carstens, General Manager of the BIS, at the conference on "Exploring Conventional Bank Funding Regimes in an Unconventional World" co-sponsored by the Federal Reserve Banks of Dallas and Atlanta, Dallas, 18–19 July….

Why it mattersThe BIS head argues that the 2023 turmoil calls for combining supervision and liquidity support.

ContextPresentation of the 94th BIS Annual Economic Report in Basel; the BIS serves central banks worldwide as the global economy heads for a smooth landing.

Why it mattersThe BIS warns against rushing rate cuts and urges governments to rebuild fiscal buffers.

ContextSpeech at the People's Bank of China in Beijing, invited by its governor; the BIS serves central banks worldwide and helps them adapt to change.

Why it mattersCarstens warns that lower inflation is not yet low inflation and asks for patience.

ContextWelcome speech at the fourth BIS Innovation Summit in Basel; the BIS serves central banks worldwide and promotes technological innovation in finance.

Why it mattersCarstens calls for both incremental fixes and bold redesigns of financial architecture.

ContextRemarks at a reserve management event co-hosted with the Saudi Central Bank; the BIS serves central banks worldwide and helps them manage their foreign reserves.

Why it mattersCarstens discusses trade-offs between safety, liquidity, return and sustainability in reserves.

ContextEvening speech in Basel at a special International Conference of Banking Supervisors marking the Basel Committee's 50th anniversary; the BIS serves central banks worldwide and hosts global standard setters.

Why it mattersCarstens reviews fifty years of global bank standards and new digital risks.

ContextPresentation at the Peterson Institute in Washington with Nandan Nilekani; the BIS serves central banks worldwide and explores a unified digital financial system.

Why it mattersCarstens and Nilekani propose a unified digital architecture linking money and assets.

ContextSpeech with the Inter-American Development Bank's president launching a joint project; the BIS serves central banks worldwide and helps Latin American central banks close technology gaps.

Why it mattersA joint effort aims to modernise Latin American payment systems that lag behind.

ContextLecture by Agustín Carstens, General Manager of the BIS, at the Center for Financial Studies, Goethe University, Frankfurt, 18 March 2024.

Why it mattersCarstens argues that price, fiscal and financial stability together build public trust.

ContextSpeech reviewing the global monetary tightening; the BIS serves central banks worldwide and asks how close they are to restoring price stability.

Why it mattersCarstens warns central banks against easing too early in the last mile.

ContextSpeech in Hong Kong marking the HKMA's 30th anniversary and 25 years of the BIS Asia office; the BIS serves central banks worldwide and works closely with Asia.

Why it mattersCarstens reviews twenty-five years of cooperation with Asian central banks.

ContextKeynote speech by Agustín Carstens, General Manager of the BIS, at the CBDC & Future Monetary System Seminar, Seoul, Korea, 23 November 2023.

Why it mattersCarstens presents the unified ledger as a path to a tokenised monetary system.

ContextOpening remarks by Agustín Carstens, General Manager of the BIS, at the Cybersecurity for Central Bank Digital Currencies (CBDCs) conference, 8 November 2023, Basel, Switzerland.

Why it mattersCarstens argues that cyber security must be built into CBDC design.

ContextSpeech at the 2023 High-Level Meeting on banking supervision for the Americas; the BIS serves central banks worldwide and draws lessons from the March 2023 bank failures.

Why it mattersCarstens argues that resolution cannot replace strong supervision.

ContextWelcome speech at a conference on the legal framework for central bank digital currencies; the BIS serves central banks worldwide and helps them prepare digital money.

Why it mattersCarstens sets four principles that laws must meet before digital public money is issued.

ContextSpeech on the challenges of managing foreign exchange reserves; the BIS serves central banks worldwide and manages part of their reserves.

Why it mattersCarstens discusses how reserve strategies adapt to volatile markets.

ContextPresentation of the 93rd BIS Annual Economic Report in Basel; the BIS serves central banks worldwide as they fight persistent inflation.

Why it mattersThe BIS annual report calls for resolute but realistic tightening and fiscal consolidation.

ContextSpeech to the European Banking Federation; the BIS serves central banks worldwide and calls for stronger bank supervision after the 2023 stress.

Why it mattersCarstens argues that supervision failed to catch the 2023 vulnerabilities.

ContextSpeech at a Banco Central do Brasil conference; the BIS serves central banks worldwide and stresses public trust in their policies.

Why it mattersCarstens links confidence in monetary authorities to fiscal discipline.

ContextInterview with Agustín Carstens, General Manager of the BIS, in Germany's Börsen-Zeitung, conducted by Mark Schrörs on 27 April and published on 5 May 2023.

Why it mattersCarstens rejects doubts that central banks can tighten enough.

ContextLecture on monetary and fiscal policy as inflation and financial stress appear together; the BIS serves central banks worldwide and calls for policies that preserve trust.

Why it mattersCarstens warns that deficits and debt test the limits of stabilisation policy.

ContextAcceptance speech for an honorary doctorate from Corvinus University in Budapest; the BIS serves central banks worldwide and links economic theory with policy practice.

Why it mattersCarstens reflects on why the inflation surge was not predicted.

ContextLecture at a Corvinus University conference in Budapest; the BIS serves central banks worldwide and asks whether emerging market central banking is changing.

Why it mattersCarstens asks whether developing-economy monetary authorities face lasting change after the inflation shock.

ContextAcceptance speech for the King of Spain Prize in Economics, received from the King; the BIS serves central banks worldwide and stresses trust in institutions.

Why it mattersCarstens argues that credibility is what makes economic institutions work.

ContextSpeech in Singapore at the invitation of the Monetary Authority of Singapore; the BIS serves central banks worldwide and shapes the future monetary system.

Why it mattersCarstens warns that stablecoins could fragment money.

ContextRemarks prepared for delivery by Agustín Carstens, General Manager, Bank for International Settlements, at the BIS conference "Big techs in finance – implications for public policy", Basel, Switzerland, 8–9 February 2023.

Why it mattersCarstens argues that existing rules do not fit tech giants offering financial services.

ContextOp-ed by Agustín Carstens, General Manager of the BIS, published by the Financial Times, 7 February 2023.

Why it mattersCarstens defends central banks that face losses from fighting inflation.

ContextRemarks prepared for delivery by Agustín Carstens, General Manager of the BIS, at the Institute of International Finance Board Meeting, Zurich, Switzerland, 15 January 2023.

Why it mattersCarstens makes inflation the top priority despite record debt.

ContextDinner remarks by Agustín Carstens, General Manager of the BIS, at the International Symposium on Central Bank Independence, Sveriges Riksbank, 10 January 2023.

Why it mattersCarstens describes the qualities needed to lead a monetary authority with independence.

ContextKeynote dinner speech by Agustín Carstens, General Manager of the BIS, at the 20th Anniversary High-Level Conference of the BIS Americas Office, Mexico City, 20 November 2022.

Why it mattersCarstens urges central banks in the Americas to stay steadfast.

ContextSpeech at the Jackson Hole Economic Symposium; the BIS serves central banks worldwide and warns that supply has become less flexible.

Why it mattersCarstens argues that supply tailwinds have become headwinds.

ContextInterview (only available in German) with Agustín Carstens, General Manager of the BIS, in Bilanz, conducted by Dirk Schütz and published on 29 July 2022.

Why it mattersCarstens welcomes central bankers back to Basel as inflation returns.

ContextPresentation of the BIS Annual Economic Report 2022 in Basel; the BIS serves central banks worldwide as they fight the return of high inflation.

Why it mattersThe BIS annual report warns that the world risks entering a high-inflation era.

ContextOp-ed by Agustín Carstens, General Manager of the BIS, and H.M. Queen Máxima of the Netherlands, the United Nations Secretary-General's Special Advocate for Inclusive Finance for Development, published by Project Syndicate, 18 April 2022.

Why it mattersCarstens argues that digital currencies do not automatically include the unbanked.

ContextLecture on the return of inflation after a decade of low prices; the BIS serves central banks worldwide as they face a new inflation challenge.

Why it mattersCarstens argues that pressures will not ease soon and rates must rise.

ContextVirtual speech at Goethe University in Frankfurt; the BIS serves central banks worldwide and studies digital currencies.

Why it mattersCarstens warns that stablecoins could concentrate economic power.

ContextRemarks at an Institute of International Finance board meeting; the BIS serves central banks worldwide and reviews their pandemic response and new challenges.

Why it mattersCarstens warns that wage pressures could make inflation persist.