Robert Holzmann: Lámfalussy Lecture 2023

Text of the Lámfalussy Lecture by Dr Robert Holzmann, Governor of the Oesterreichische Nationalbank, the Austrian central bank, at the Lámfalussy Lectures Conference, Budapest, 6 February 2023.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Governor Matolcsy,

ladies and gentlemen,

dear colleagues from central banks and academia,

Let me start by thanking the Hungarian central bank once again for having honored me with the Lámfalussy Award, for the impressive award ceremony, yesterday's gala reception and the wonderful concert – I truly appreciate the warm welcome you have given me.

I feel very honored indeed to receive this year's Lámfalussy Award, first and foremost because of the outstanding personality to whom this recognition is inextricably linked: Baron Alexandre – or Sándor, as he is known here in Hungary – Lámfalussy. His extraordinary accomplishments are so numerous that it would be futile to try and list them all. He belongs to an illustrious group of polymaths in public policymaking. Baron Lámfalussy shaped both European economic and monetary integration, and he left a lasting imprint on our current regulatory architecture for banking and financial markets. In a Central Banking Hall of Fame, Alexandre Lámfalussy would – no doubt – hold a place of honor.

Yet, as you are all aware, Mr. Lámfalussy's career was not confined to central banking: He worked as an academic, as a commercial banker and in a variety of leading positions at international organizations. So, as someone whose career also spanned different sectors and a variety of roles, I can personally relate strongly to Mr. Lámfalussy's professional path.