These real rates, which correspond to nominal interest rates less inflation expectations, reflect the actual financing conditions of economic participants; they are the result of monetary policy decisions but are also driven by the inflation expectations channel. The current increase in nominal interest rates, combined with inflation expectations that are more anchored towards the target of 2%, has led real interest rates in the economy to increase substantially and move back into positive territory, in accordance with our goals. In conclusion, allow me to stress that, barring a major new external shock, the monetary policy implemented by the Eurosystem should enable us to win the fight against inflation while avoiding a recession in France and in the wider euro area. Economic growth held up extremely well in 2022, at 2.6% in France and 3.5% in the euro area. A highlight of 2023 will be France's resilient economy, which is expected to expand by 0.6% according to our macroeconomic projections. With disinflation, growth is poised to reach 1.2% in 2024 and 1.7% in 2025. The economy’s resilience will be all the stronger and more sustainable because, in every part of the country, economic participants and households are working to execute a comprehensive transformation strategy that will enable our societies to successfully navigate the energy, climate and digital transitions. Thank you for your attention. 7
As you may have guessed though, the main reason for central bank transparency is not to make your weekends more relaxing. Central bankers today pursue a policy of broad information because we believe that transparency helps us fulfil our mandate. We are convinced that monetary policy is most effective and least disruptive if it is predictable: no news on monetary policy is good news. In the following, I would like to discuss why, today, central bankers think transparency is crucial for a successful monetary policy and how the Swiss National Bank attempts to achieve transparency in practice. I shall then debate the limitations of what transparency Finally, I would like to reflect upon how transparency in monetary policy may affect the relationship between you, the journalists, and us, the central bankers. 1. The case for transparency  At the Swiss National Bank we see three main reasons to be transparent about our monetary policy. The first reason is that we count on transparency to enhance the effectiveness of our monetary policy. In the public eye, central banks may be viewed as almighty. The plain reality is, however, that our open market operations only have a direct influence on current short-term interest rates. Economic activity and thus future price developments are, however, determined primarily by the shape of the yield curve, i.e. by the expectation of future monetary actions. Transparency about how we judge future inflationary pressures enables us to guide expectations about future short-term interest rates and thus also long-term interest rates.