Governor’s speeches and interviews
Read CNB Governor Aleš Michl’s selected speeches and interviews in which he explains how the central bank is fighting inflation and what steps it is taking to achieve price stability.
29. 4. 2025 | Imagine a world where algorithms and technology assist us, but our values keep us firmly grounded
Governor’s speech at the CNB Discussion Forum in Plzeň
10. 4. 2025 | CNB WP 4/2025 – Instant Payments in Czechia: Adoption and Future Trends
In this paper, the authors Ivan Trubelík, Tomáš Karhánek, Simona Malovaná and Aleš Michl describe the implementation and functioning of the instant payment system in the Czech Republic, as well as the role of the Czech National Bank in efforts to increase the efficiency of payment transactions. Utilizing daily data from the Czech interbank payment system CERTIS, the study evaluates the adoption of instant payments by clients over time and the influence of individual bank characteristics on this adoption. The findings show that, in the past calendar year, instant payments in the domestic market accounted for half of all retail interbank transfers. The authors also place the Czech instant payment system in an international context, discussing the benefits and security risks associated with such systems, as well as the potential future development of payment systems.
29. 1. 2025 | Governor Michl’s thoughts on bitcoin – a test portfolio in CNB’s foreign exchange reserves
In an interview with the Financial Times, Governor Aleš Michl stated that he would present a proposal to the CNB Board to conduct an analysis of the possibility of buying bitcoin as a tool for further diversifying the CNB’s foreign exchange reserves portfolio. He also spoke about monetary policy, the koruna and the possible adoption of the euro.
19. 12. 2024 | Aleš Michl on tackling inflation, Friedman’s legacy and ditching DSGE
CNB Governor Aleš Michl discussed policy mistakes, targeting M2, diversifying into equities and gold, and ending interest on minimum reserves in an interview with Central Banking journal.
14. 11. 2024 | Governor's remarks at the 2024 Mexico City conference
Remarks of CNB Governor Aleš Michl in a panel discussion: Global Outlook and the Future of Financial Markets at the Central Banking Autumn Meetings, Mexico City
8. 11. 2024 | Czech Central Bank Chief Urges Tight Policy, Budget Austerity
Interview for Bloomberg
26. 9. 2024 | Governor’s notes on the inflation expectations of households
Prepared for the discussion at the General Council Meeting on 26 September 2024 (pdf, 592 kB)
25. 7. 2024 | CNB Governor Aleš Michl’s address to the Senate of the Parliament of the Czech Republic
Speech delivered during the discussion of the Financial Market Supervision Report for 2023 in the Senate of the Parliament of the Czech Republic
27. 6. 2024 | Inflation isn’t beaten, the fight will go on. The public should forget about ultra-low interest rates
Interview for Czech Television
19. 6. 2024 | No Victory Yet in Inflation Fight
Interview for Bloomberg
13. 6. 2024 | Taming Inflation from 18 to 2% and Paving the Way for ESG Financing
Governor Aleš Michl’s address to the Central Banking Summer Meetings conference in London
23. 4. 2024 | The target
Governor’s speech at the CNB Discussion Forum in Pardubice
17. 10. 2023 | The road to the target III
Speech at the Tomas Bata University in Zlín, discussion on Inflation: The road to the target
27. 7. 2023 | Aleš Michl: The current level of inflation still makes it impossible to lower interest rates
Speech delivered during the discussion of the Financial Market Supervision Report for 2022 in the Senate of the Czech Republic
1. 7. 2023 | Price growth is easing, inflation will fall below 10% within two months and keep falling
Interview for the Právo daily
15. 6. 2023 | The road to the target II
Speech at the Assembly of Members of the Czech Banking Association
15. 5. 2023 | The road to the target I
Speech at the University of Economics and Business in Prague, discussion on Inflation: The road to the target
23. 11. 2022 | Policy for a strong koruna
Speech at the Faculty of Economics and Administration of Masaryk University in Brno, CNB Discussion Forum
26. 5. 2022 | People won’t like me for being strict, but we won’t defeat inflation without austerity
Interview for the Ekonom weekly