Mr Noyer’s overview on the relationship between politics and central banks Speech by Mr Christian Noyer, Vice-President of the European Central Bank, on the relationship between politics and central banks to the Estonian Central Bank at Tallinn, Estonia on 3 May 1999. Introduction Ladies and gentlemen: It is a pleasure to be here today.
In volume terms, GDP now exceeds its 2008 level and the unemployment rate has posted a steady decline. Monetary policy has been instrumental in supporting this welcome recovery. But the improvement is too feeble to be a cause for true rejoicing. And some observers are concerned about the consequences of low interest rates on financial stability and profitability in the financial sector.