Everyone here knows that companies must innovate to thrive. You may not know that the same is true for central banks, even if we’re the one kind of bank you wouldn’t imagine going out of business.
Just like private companies, central banks are often focused on immediate issues. This is hardly surprising, given what has been thrown our way these past few years: a financial crisis, the Great Recession and then the oil price shock. And a central bank exists in the first place to set a solid foundation for the economy and the financial system.
In recent years, we’ve kept inflation low and stable. This has made it easier for people and companies to recover from the downturn. Working with other authorities, we also avoided major disruptions in our financial system.
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