Aleš Michl, Governor of the Czech National Bank (ČNB), has been named the best central banker in Europe. The prestigious magazine The Banker particularly commended his success in tackling inflation and achieving the two per cent target in 2024. This marks the second international honour Michl has received this year.
The Governor of the Czech National Bank (ČNB), Aleš Michl, has been recognised as Europe’s best central banker. The highly respected award from The Banker magazine, which is part of the Financial Times group, highlights his effective strategy in overcoming exceptionally high inflation and reaching the two per cent target in 2024. It is already the second international distinction he has received this year.
Under Michl’s leadership, the CNB’s board stabilised interest rates at a restrictive level of seven per cent in 2022 while pursuing a strong koruna policy. Thanks to these monetary measures—the strictest in the past 20 years—inflation returned to exactly two per cent in February 2024, making the Czech Republic one of the first countries in the region to achieve this. The jury emphasised that with this, the Governor fulfilled the promise he made upon taking office: to bring high inflation down to the two per cent target within two years.
“When I became Governor in 2022, I promised to reduce inflation to two per cent within two years—and we succeeded. The key was the strategic shift I introduced in autumn 2022. By spring 2023, we had achieved the strongest koruna exchange rate against the euro, which reduced import costs and tightened monetary policy for exporters. Our measures were the strictest in 20 years. We kept interest rates stable, which nonetheless contributed to lowering inflation. A consistent long-term monetary policy is preferable to maintaining zero interest rates for years and then being caught off guard by sudden inflation,” said ČNB Governor Aleš Michl.
With The Banker’s prestigious award, Aleš Michl joins the ranks of the world’s most influential central bankers who have played a key role in ensuring price stability and maintaining investor confidence. The Banker, published by Financial Times, annually honours leading figures in the global central banking sector. On a global level, this year’s title of Governor of the Year was awarded to Jerome Powell, Chairman of the US Federal Reserve, for his leadership during a challenging economic period.
In addition to being named Europe’s best central banker by The Banker, Aleš Michl also gained global recognition. At the Central Banking Awards, hosted by the esteemed publication Central Banking, he became the first central banker in Czech history to be named the world’s best governor.
