Jan Frait, CNB Deputy Governor
Opening Remarks at the Second Annual Czech National Bank Conference
“Resilient Policy in Uncertain Times: Evolving Approaches to Monetary Policy and Financial Stability”
Prague, 25–26 September 2025
Welcome to the Czech National Bank. It is great to see you back here in the building known as the Commodity Exchange. This particular structure, with its stately hall, was given a second chance 25 years ago. Eyewitnesses say that despite its rich history, it was a run-down warehouse before the Czech National Bank renovated it and connected it to its headquarters. I was glad to join this institution at a time when this hall started to shine again.
Looking at the programme of our conference, in particular the panel focusing on the interactions of monetary and fiscal policies, it is very likely that you are going to touch upon the issue of central bank independence – a hot topic and major concern these days. It is again just 25 years since the CNB lost part of its formal/legal independence and was fighting hard to regain it. The central bank – at the time the monetary authority and banking supervisor – was an easy target, battered down by the monetary and financial instability of previous years. However, with the support of the president of the country and the constitutional court, the institution itself was given a second chance, after giving its word that the bad things would never happen again.
We got our formal independence back quickly, within a year. And shortly afterwards, we managed to restore our informal, and maybe more important, source of independence: credibility. To such an extent that just 20 years ago, the country’s legislators entrusted us with supervising all other sectors of the financial market. Step by step, we became what we are now: an integrated monetary, supervisory, macroprudential, resolution, code of conduct, consumer protection and AML authority, all under one roof.
And recently, our researchers decided to replace what was called the Research Open Day with an annual research conference. You can see from the title of this event that it, too, was given a second chance. Looking at the programme and all of you here, the idea of an annual research conference was well received, and I dare to predict that this second edition will not be the last. For now, enjoy the papers and discussions.