It is a great honour to be invited to celebrate the 25th anniversary of the Institut Montaigne with you. For a quarter of a century, this institution has stood out for its independence of thought. That independence has given its work both credibility and influence. As a central banker, independence has a special meaning for me. In this uncertain world, institutional independence is a key source of stability and trust. But the question of independence extends far beyond monetary policy. As Michel de Montaigne once wrote, “La plus grande chose du monde, c’est de savoir être à soi”. [The greatest thing in the world is ... (full story)