The role of central banks

Abstract

I must say that it is a pleasure to be back with this group after a lapse of eight years. The scenery remains superb, the fishing is still good, and the company is stimulating. In my former position, I must confess I had some difficulty in squaring all this with my personal idea of what a true-blue central banker should do. You know: austerity, discipline, restraint, hard work, pinstripes, and all of that. I do not notice any of that in this company. But I do think it is important that our Central and Eastern European central banking friends do understand one thing that is symbolized by this conference. The simple empirical fact is that central bankers-and I include finance ministers for this purpose as well-have always found the most agreeable places to meet. I think it is all justified under the general rubric of promoting international financial cooperation. Who can protest such a cause as that?

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