José De Gregorio: Inflation targeting and financial crises Speech by Mr José De Gregorio, Governor of the Central Bank of Chile, at the seminar on financial crises Seminario Internacional de Crisis Financieras, organized by Banco de la República de Colombia and the Fondo de Garantías de Instituciones Financieras de Colombia, Bogota, 28 May 2009. I thank the valuable comments and insights of Luis Felipe Céspedes, Pablo García, Luis Opazo and Enrique Orellana. *  *  *  Thank you so much for this invitation. It is an honor to return after so many years to speak at a conference organized by Banco de la República and FOGAFIN. The subject this time around, Financial Crises, is particularly timely, with the world struggling through a crisis whose effects are still difficult to predict and that has propagated through the world with unprecedented strength and synchrony (Figure 1). Macroeconomic policies face major challenges in trying to cushion the effects of a crisis. Its origin, magnitude and degree of propagation make stabilizing the economy a particularly complex task. High uncertainty and, in some cases, poor functioning of key aspects such as credit markets, have affected the monetary policy transmission channels in a number of countries. The current crisis is providing a unique opportunity to continue fostering the design of economic policy frameworks that permit us to react to different shocks in the best way possible while at the same time reducing the vulnerability of our economies.
Christian Noyer: “Towards Retail Payments 2.0: The New Security Challenges” Opening speech by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the conference “Towards Retail Payments 2.0: The New Security Challenges”, Paris, 22 October 2014. *  *  *  Ladies and gentlemen, I am delighted to open this conference today, dedicated to the work of the Secure Pay forum and to the new security challenges that lie ahead for retail payments. On behalf of the European Central Bank and of the Banque de France, I would like to welcome you all in Paris, and thank you for accepting our invitation to participate to this event. All the authorities that have an interest in the area of security at national and European level are represented today together with the major stakeholders of the private sector. I have no doubt that this will favor fruitful debates and a comprehensive overview of major challenges and issues regarding the security of retail payments. This conference organized here in Paris illustrates the continuous support that the Banque de France has been providing to the Secure Pay forum from the very beginning, in order to promote the best practices in the field of security for retail payments in Europe. This support has its roots in the Banque de France’s mandate which, since 2001, explicitly requires that we ensure the safety of cashless payments.