Eva Zamrazilová, CNB Deputy Governor
Appointment of new CNB Bank Board members
Prague, 8 June 2022
Dear Mr President,
It is a great honour for me to stand in the same room on the same occasion again 14 years on. I firmly believe that the Bank Board in its new line-up will guarantee the continuity and credibility of the entire institution that is the Czech National Bank.
Professor Jan Frait offers – in addition to his first term of office – extensive experience in the field of financial stability, in which he is a true international expert.
Doctor Karina Kubelková has vast experience with the corporate sector along with an in-depth knowledge of the national economy.
As for me, after my first term of office ended I continued to work in the banking sector and I am now working in the area of public finance, where I have gained considerable experience too.
Why am I speaking about this? Financial stability, the banking sector, the corporate sector and public finance are probably going to have more of a bearing on monetary policy decisions than they have done up to now.
I also wish to express my great thanks to the current Bank Board, which was quick to identify the nature of the current inflation and to start combating it. Of course, the steps which led to this – interest rate increases – have never been, are not and never will be popular. Despite that, I assume they were necessary, and I also think they will be reflected very soon in lower inflation, or at least in slower growth in the quantity of money in the economy. Nonetheless, the present situation requires a deeper analysis and each additional step must be carefully considered.
I pledge, on behalf of us all, that we will do the utmost to restore financial stability in the Czech Republic. However, we must not remain alone in this. More than ever before, monetary and fiscal policies need to be coordinated, as our fight will be even more difficult and costly if excessive amounts of public money are poured into the economy.
I very much hope that we will not betray the trust put in us, which we value. Thank you.