It is a great pleasure to give the keynote speech at this conference on “Monetary Policy Challenges”, organised jointly by the Banque de France and the Deutsche Bundesbank. This joint conference has already become a tradition. It is held every two to three years, with France and Germany taking it in turns to host the event. Let me start by thanking both the programme committee – Emmanuel Farhi (Harvard), Emanuel Moench (Bundesbank) and Benoît Mojon (Banque de France) – for their ingenious selection of papers, and our host, Governor Villeroy de Galhau, for providing this delightful venue, for the warm welcome and for t ... (full story)