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We are facing geopolitical instability with the threat of a global trade war on top of a war in Ukraine that has been raging for three years. The world has been turned upside down again in recent weeks. Understandably, this has led to high levels of anxiety and uncertainty among citizens. The Netherlands alone cannot turn the tide. A stronger Europe is needed now more than ever.
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DNB President Klaas Knot said this on Thursday at the presentation of De Nederlandsche Bank’s annual report.
Recent developments are not the only cause for concern. Longer-term vulnerabilities related to inflation, domestic economic tightness and sluggish European growth are far from being resolved.
Klaas Knot remarked: ‘Following the pandemic and the energy crisis, we are now witnessing the world being turned upside down yet again. We are facing enormous challenges. The two most pressing: a looming trade war and Europe's ambition to rapidly ramp up defence spending. These are challenges that we can only meet together in a strong Europe, without isolating ourselves from the rest of the world.’
Robust policies are a crucial prerequisite for navigating these turbulent times. Policies that strengthen Europe. Policies that anticipate future challenges. Policies that enable us to absorb shocks.
‘The best contribution central banks can make to security in uncertain times is to do what they were put on earth to do: ensure financial and price stability. We are working hard to make sure the financial sector, payment systems and the economy as a whole remain resilient to shocks,’ Knot said.
In the introduction to the press conference on our annual report on 20 March, Klaas Knot and his fellow Executive Board members spoke about current political and economic developments and the challenges facing our economy. They also spoke about simplifying the rules for the financial sector without relaxing them too much, anti-money laundering controls at banks, robust defences against global cyberthreats and the digital euro. Read the entire introduction to the press conference here. You will find the DNB Annual Report 2024 here (in Dutch, English-language version forthcoming).
Today, De Nederlandsche Bank publishes ‘Resilience in turbulent times’, a study on the potential impact of geopolitical risks on financial institutions. DNB economist Maurice Doll co-wrote the study and talks about its main findings.
Read more ‘European cooperation essential to confront geopolitical risks’
‘We in the Netherlands have little influence on many of the developments currently taking place in the world. But we can do one thing. And that is to work to mitigate the economic consequences and perhaps seize new opportunities.’ Klaas Knot said this at the presentation of DNB’s 2024 Annual Report.
Read more Introductory remarks upon the presentation of the 2024 annual report
Dutch firms, institutions and households collectively held nearly €3,500 billion worth of securities as at year-end 2024. This is according to new figures DNB today released for the first time. From now on, DNB charts the securities holdings of the overall Dutch economy.
Read more Dutch portfolio investments total nearly €3,500 billion
De Nieuwe Schatkamer is located on three floors of the Amsterdam headquarters of De Nederlandsche Bank (DNB). Anyone interested in learning about gold, money or the economy is welcome.
Read more De Nieuwe Schatkamer is open