Maintaining sound money amid and after the pandemic

Speech by Mr Agustín Carstens, General Manager of the BIS, at the Progress Foundation 50th Economic conference on "Sound money - a noble goal under constant fire", Zurich, 8 October 2020.

For a long time, bringing inflation down and keeping it from rising was the main challenge faced by central banks. More recently, however, a new challenge has emerged: fighting persistently low inflation and economic stagnation in a low interest rate environment. The Covid-19 shock has massively compounded this challenge.