Klaas Knot: What do low inflation and low interest rates

Speech by Mr Klaas Knot, President of the Netherlands Bank, at the farewell seminar for ABN Amro's Chief Economist Han de Jong, Amsterdam, 4 December 2019.

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

Central bank speech  | 
11 December 2019

At the farewell seminar for ABN Amro's chief economist Han de Jong, Klaas Knot was one of the speakers. In his speech, Klaas Knot outlined the main challenges that constitute a point of departure for the review of the ECB's strategy that is anticipated to start formally in the new year.


It is a pleasure to say a few words in honor of Han De Jong. Han has written a great deal about macroeconomic policy issues. The topics range from the peculiarities of the Dutch pension system and housing market. To worldwide economic trends and the impact of statements of politicians like Johnson and Trump. I would like to thank Han for his valuable and thought-provoking views over the years.

As Han has been the chief economist of ABN AMRO for 14 years, he has covered a considerable part of the lifespan of the euro. Here I have to inform you that Han and I share a special interest in the magic number 14. Not because my own term is maximized by law to 14 years in total. But because of our predilection for the legendary number 14: Johan Cruijff of Amsterdam's football club Ajax. The football team where Han and I both attend the occasional home matches.