数字化和碎片化时代的中央银行

Central banking in timesof digitalisation andfragmentation Monetary and Economic Department November 2025 The views expressed in this publication are those of the authors and do notnecessarily reflect the views of the BIS or its member central banks. This publication is available on the BIS website (www.bis.org). ©Bank for International Settlements 2025. All rights reserved. Brief excerpts may bereproduced or translated provided the source is stated. Foreword The 24th BIS Annual Conference took place in Basel, Switzerland on 27 June 2025.The event brought together a distinguished group of central bank Governors, leadingacademics and former public officials to exchange views on the theme “Centralbanking in times of digitalisation and fragmentation”. The papers presented at theconference are released as BIS Working Papers, nos 1306 and 1307. BIS Paper no 162 contains a speech by Agustín Carstens and remarks from twopanel discussions, on “Perspectives on policymaking – a tribute to Agustín Carstens”and “Challenges for central banks in a changing world”. Programme, 27 June 2025 09:00–09:05 WelcomeHyun Song Shin, Bank for International Settlements ChairEli M Remolona Jr, Bangko Sentral ng PilipinasSpeakerMarkus K Brunnermeier, Princeton UniversityDiscussantsMaryam Farboodi, MIT Sloan School of ManagementChristine Parlour, University of California, Berkeley, HaasSchool of Business 10:45–12:00Session 2: Liquidity and central bank intervention ChairMichele Bullock, Reserve Bank of AustraliaSpeakerRaghuram Rajan, University of Chicago Booth School ofBusinessDiscussantsKristin J Forbes, MIT Sloan School of ManagementPierre-Olivier Gourinchas, International Monetary Fund 13:30–14:25Keynote speech on fiscal and monetary policy interaction underhigh government debt 14:25–15:40Session 4: Perspectives on policymaking – a tribute to AgustínCarstens ModeratorAndréa M Maechler, Bank for International SettlementsPanellistsRoberto Campos Neto, former Governor of the CentralBank of BrazilJacob Frenkel, former Governor of the Bank of Israel;Group of ThirtyTimothy F Geithner, Warburg PincusThomas J Jordan, former Chairman of the Swiss NationalBankAdam S Posen, Peterson Institute for InternationalEconomics 15:40–15:55Speech by Agustín Carstens 16:15–17:30Session 5: Policy panel on challenges for central banks in achanging world ModeratorAgustín Carstens, Bank for International SettlementsPanellistsRosanna Costa, Central Bank of ChileLesetja Kganyago, South African Reserve BankChristine Lagarde, European Central BankChang Yong Rhee, Bank of KoreaMartin Schlegel, Swiss National Bank Contents Foreword.......................................................................................................................................................iProgramme, 27 June 2025...................................................................................................................iiiContents......................................................................................................................................................ivPanel on “Perspectives on policymaking – a tribute to Agustín Carstens” ...................... 1Remarks by Roberto Campos Neto ........................................................................................ 1Remarks by Thomas J Jordan .................................................................................................... 4Remarks by Adam S Posen......................................................................................................... 6Speech by Agustín Carstens................................................................................................................ 9Policy panel on “Challenges for central banks in a changing world” ...............................14Remarks by Rosanna Costa......................................................................................................14Remarks by Lesetja Kganyago ................................................................................................16Remarks by Chang Yong Rhee ...............................................................................................18Remarks by Martin Schlegel ....................................................................................................20 Panel on “Perspectives on policymaking – a tribute toAgustín Carstens” Remarks by Roberto Campos Neto Roberto Campos Neto, former Governor of the Central Bank of Brazil, and ViceChairman and Global Head of Public Policy, Nubank Innovation, trust and the future of finance: reflections on Agustín Carstens’vision It is a great honour to participate in the 24th BIS Annual Conference and on this panel,“Perspectives on policymaking – a tribute to Agustín Carstens”. Agustín has long been a leading voice in international monetary policy, financialstability and innovation in the global financial system. My remarks focus on his contribution to financial innovation. I will als