Mon, 08 Nov 2021 10:17:28 GMT Tue, 24 Mar 2026 12:00:00 GMT https://www.dnb.nl/en/ It is precisely in these uncertain times that we must strengthen the Dutch economy. And this requires a strong European Union that is more resilient and autonomous. Tue, 24 Mar 2026 12:00:00 GMT https://www.dnb.nl/en/general-news/press-release-2026/uncertain-times-call-for-a-strong-netherlands-and-a-strong-europe/ The war in the Middle East could cause inflation in the Netherlands to rise significantly, though less so than during the 2022 energy crisis. In a severe scenario, economic growth could slow down considerably. This is according to new calculations by De Nederlandsche Bank. Tue, 24 Mar 2026 12:00:00 GMT https://www.dnb.nl/en/general-news/news-2026/war-in-the-middle-east-the-impact-on-the-dutch-economy/ The European Central Bank (ECB) kept the interest rate at 2% again in February. It has done so for five consecutive meetings, because inflation is stabilising around the 2% target, while the economy is growing steadily but still faces uncertainties. Thu, 12 Feb 2026 12:00:00 GMT https://www.dnb.nl/en/general-news/background-2026/why-the-ecb-has-kept-the-interest-rate-unchanged-at-2/ The Netherlands is set to spend more than €19 billion extra on defence on a structural basis. If we want to efficiently increase our military capacity with these additional billions, we need to look at where we have an edge over other European countries. Fri, 06 Feb 2026 12:00:00 GMT https://www.dnb.nl/en/general-news/news-2026/target-additional-defence-expenditure-for-greatest-strategic-benefit/ The figures paint a remarkably positive picture: the Dutch economy is growing faster than expected. But where do we really stand, and what can the government do to address factors that are constraining further growth? Below, we discuss five figures from our Autumn Projections. Fri, 19 Dec 2025 12:00:00 GMT https://www.dnb.nl/en/general-news/background-2025/the-dutch-economy-in-five-figures-where-do-we-stand/ Growth in the Dutch economy is significantly higher this year than expected in the spring. Whereas economic growth for 2025 was estimated at 1.1% last June, it is now projected to be 1.7%. This is evident from the Autumn Projections, published today by De Nederlandsche Bank (DNB). Fri, 19 Dec 2025 12:00:00 GMT https://www.dnb.nl/en/general-news/press-release-2025/dutch-economy-shows-remarkably-higher-growth/ Inflation in the Netherlands has been higher than in the euro area as a whole for some time. In October, Dutch inflation was 0.9 percentage points higher than the euro area average. What is behind this trend and what can be done about it? Thu, 06 Nov 2025 12:00:00 GMT https://www.dnb.nl/en/general-news/background-2025/why-dutch-inflation-is-higher-than-euro-area-inflation/ Everyone feels the effects of inflation differently. How you deal with inflation depends partly on your wages, assets and debt. We explain below. Fri, 29 Aug 2025 12:00:00 GMT https://www.dnb.nl/en/general-news/background-2025/what-is-the-impact-of-inflation-on-wages-assets-and-debt/ Lower-income households spend a higher proportion of their income on energy. To help these households, targeted government support is more effective than generic compensation for increased costs. This was revealed in a new study conducted by De Nederlandsche Bank (DNB). Thu, 03 Jul 2025 12:00:00 GMT https://www.dnb.nl/en/general-news/news-2025/energy-inflation-hits-low-income-households-harder/ The Dutch economy is set to grow by 1.1% in 2025. Uncertainty and trade tensions will continue to mute economic growth at around 1% a year for the following two years. This is according to the Spring Projections as published by De Nederlandsche Bank (DNB) on Friday. Fri, 06 Jun 2025 13:00:00 GMT https://www.dnb.nl/en/general-news/press-release-2025/uncertainty-and-trade-tensions-weigh-on-economic-growth/ While inflation in the euro area is heading towards the 2% target over the course of this year, inflation in the Netherlands remains persistently higher than expected. In our new analysis, we show that the impact on inflation varies for each policy measure and depends on the state of the economy. Tue, 11 Mar 2025 09:00:00 GMT https://www.dnb.nl/en/general-news/background-2025/the-impact-of-government-policies-on-inflation/ ‘What we need now is for governments, central banks and academia to continue to speak out for the international financial rules-based order that has brought us stability and prosperity over the decades.’, said Klaas Knot at Nyenrode Business University today. Fri, 14 Feb 2025 12:00:00 GMT https://www.dnb.nl/en/general-news/speech-2025/the-case-for-international-monetary-diplomacy/ On 7 November, Klaas Knot was a guest at Room for Discussion, the interview programme of students from the University of Amsterdam. How does Knot experience the challenges in the field of monetary policy? How do you balance economic growth, financial stability and the fight against inflation? Mon, 25 Nov 2024 10:36:18 GMT https://www.dnb.nl/en/general-news/media-2024/klaas-knot-at-room-for-discussion-students-uva/ ‘Monetary policy credibility does not come overnight. It has to be earned. Again and again.’ , said Klaas Knot in his speech at Koç University, Istanbul. He spoke about the need for independent central banks to face the challenges of our times. Thu, 19 Sep 2024 12:00:00 GMT https://www.dnb.nl/en/general-news/speech-2024/the-mission-of-gerard-vissering-why-we-need-independent-central-banks/ ‘As the disinflationary path in the euro area continues and the medium-term inflation outlook further improves, we become increasingly confident that inflation will return to target in a timely manner', said Klaas Knot in his speech at the Barclays-CEPR Monetary Policy Forum today. Tue, 28 May 2024 12:00:00 GMT https://www.dnb.nl/en/general-news/speech-2024/learn-from-the-past-and-plan-for-the-future-a-perspective-on-monetary-policy/ Klaas Knot spoke with Takerou Minami from Nikkei about monetary policy and financial stability. The interview was published on April 30th 2024. Tue, 30 Apr 2024 12:00:00 GMT https://www.dnb.nl/en/general-news/media-2024/interview-klaas-knot-with-nikkei/ High inflation, though now receding, has had a strong impact on recent wage growth. However, higher wages generally do not fully pass through to prices, which suggests that the likelihood of a wage-price spiral emerging is low. This is shown in a new Analysis by DNB. Fri, 05 Apr 2024 12:00:00 GMT https://www.dnb.nl/en/general-news/news-2024/new-study-confirms-low-likelihood-of-wage-price-spiral/ The recent drop in energy prices pushed Dutch inflation down to the European average of 5.3% in July. However, core inflation (HICP excluding energy and food) remains higher in the Netherlands than in the euro area. One possible explanation is the more pronounced overheating of the Dutch economy. Tue, 08 Aug 2023 12:00:00 GMT https://www.dnb.nl/en/general-news/news-2023/falling-energy-prices-mask-high-dutch-core-inflation/ The Dutch economy will grow by 0.8% this year, which is sharply lower than last year's 4.5% growth. While inflation is set to decrease, in part due to the economy cooling down, it remains too high at 4.2%. Mon, 19 Jun 2023 12:00:00 GMT https://www.dnb.nl/en/general-news/press-release-2023/economic-growth-slows-inflation-remains-persistent/ In his keynote speech at the 5th Capital Markets Seminar, jointly organized by the European Stability Mechanism, the European Investment Bank and the European Commission, Klaas Knot discussed the current state of economic and financial affairs. Tue, 06 Jun 2023 12:00:00 GMT https://www.dnb.nl/en/general-news/speech-2023/bold-but-realistic-monetary-policy-and-financial-stability/ While interest rates on mortgages have risen sharply following the ECB's recent rate hikes, the increase of interest rates on savings accounts has been limited so far. Banks do not pass on an ECB rate hike equally to their customers as they wish to maintain their interest margin. Wed, 10 May 2023 12:00:00 GMT https://www.dnb.nl/en/general-news/news-2023/ecb-interest-rate-hikes-have-a-higher-pass-through-to-mortgage-than-to-savings-rates/ “Despite the shocks of recent years, the Dutch economy and the Dutch financial sector are in good shape.” Klaas Knot said this today at the presentation of DNB’s 2022 Annual Report. He reflected on the events of 2022 and looked ahead to the economic challenges facing us down the road. Thu, 23 Mar 2023 12:00:00 GMT https://www.dnb.nl/en/general-news/speech-2023/introduction-dnb-annual-report-2022-press-conference/ 2022 was a turbulent year, with major events worldwide that affected nearly all of us to a greater of lesser extent. This year too, we see the impact of these events clearly reflected in our economy. We outline the most important below, but first we take a brief look back at 2022. Thu, 23 Mar 2023 12:00:00 GMT https://www.dnb.nl/en/general-news/background-2023/challenges-for-our-economy-in-2023/ Central banks were created specifically to ensure stable prices and intervene when needed. Why do we need price stability, and why do many people think this is the government’s responsibility? Thu, 23 Mar 2023 12:00:00 GMT https://www.dnb.nl/en/general-news/background-2023/who-is-responsible-for-fighting-inflation/ For years, inflation in the euro area hovered around 1.5%, below the European Central Bank's (ECB) target of around 2%, despite historically low interest rates. But then it suddenly shot up in summer 2021, peaking at 10.6% in October 2022. How could inflation go up so fast? Thu, 02 Mar 2023 12:00:00 GMT https://www.dnb.nl/en/general-news/background-2023/how-inflation-reached-all-time-highs-in-two-years/ Speaking on 8 February 2023, Klaas Knot discussed recent inflation developments and how they affect the ECB's monetary policy. Wed, 08 Feb 2023 16:00:00 GMT https://www.dnb.nl/en/general-news/speech-2023/speech-klaas-knot-staying-the-course/ The Dutch population's trust in De Nederlandsche Bank (DNB) and national politics has fallen. This is partly caused by the unprecedented high inflation over the past year. Mon, 06 Feb 2023 12:00:00 GMT https://www.dnb.nl/en/general-news/news-2023/trust-in-central-bank-and-national-politics-has-fallen-due-to-high-inflation/ Interview with Klaas Knot by Martin Arnold of the Financial Times. Published on December 26, 2022. Mon, 26 Dec 2022 12:00:00 GMT https://www.dnb.nl/en/general-news/media/interview-klaas-knot-in-the-financial-times/ The European Central Bank (ECB) can bring down high inflation by tightening its monetary policy. This can be achieved more quickly if fiscal policy is also restrictive. This is shown in a new study by economists from DNB and Radboud University. Fri, 16 Dec 2022 12:00:00 GMT https://www.dnb.nl/en/general-news/news-2022/inflation-reduced-faster-if-central-bank-and-governments-apply-brakes-simultaneously/ What has caused the recent sharp rise in inflation, and where is it heading? And what is the European Central Bank doing to bring inflation back to the 2% target? DNB President Klaas Knot answered these and other questions in a meeting with a parliamentary committee on Thursday afternoon. Thu, 24 Nov 2022 12:05:13 GMT https://www.dnb.nl/en/general-news/speeches-2022/klaas-knot-speaks-with-mps-about-inflation/ Financial stability risks have increased over the past six months. High inflation, rising interest rates, the war in Ukraine and the possibility of a global recession have combined to create an unprecedented situation. Mon, 10 Oct 2022 12:00:00 GMT https://www.dnb.nl/en/general-news/press-release-2022/inflation-and-growth-outlook-put-financial-sector-to-the-test/ “The job for central bankers is clear. Like on the painting, we will rise up, fiercely spread our wings, and protect our eggs from the menacing mongrel of inflation,” said Klaas Knot, referring to "The Threatened Swan" at the informal dinner of the Economic and Financial Committee at the Rijksmuseum Fri, 23 Sep 2022 12:00:00 GMT https://www.dnb.nl/en/general-news/speeches-2022/speech-klaas-knot-spreading-our-wings-how-monetary-and-fiscal-policy-can-fight-inflation/ The European Central Bank is tightening monetary policy in response to high inflation. This will have a negative impact on the profitability of De Nederlandsche Bank (DNB) and therefore on its capital position, as DNB has disclosed in a letter to Finance Minister Sigrid Kaag. Tue, 20 Sep 2022 15:56:08 GMT https://www.dnb.nl/en/general-news/news-2022/dnb-foresees-deterioration-of-capital-position/ "The current environment implies that the path and endpoint of the policy rate will be uncertain. That also implies that we will continue to take our decisions on a meeting-by-meeting basis, and that we will persevere until the inflation outlook has stabilized,” said Klaas Knot... Tue, 30 Aug 2022 12:00:00 GMT https://www.dnb.nl/en/general-news/speeches-2022/speech-klaas-knot-a-time-to-act-the-outlook-for-monetary-policy-in-the-euro-area/ In the aftermath of the Global Financial Crisis, central banks vastly expanded their toolkits in order to continue fulfilling their mandate. In addition to the regular rate setting policy, they have added new instruments such as asset purchase programmes and targeted lending operations to banks. Mon, 22 Aug 2022 12:00:00 GMT https://www.dnb.nl/en/general-news/background-2022/ecb-monetary-toolkit-constantly-evolving/ There are currently no indications that inflation, through wage increases and a self-reinforcing wage-price spiral, will develop into long-term high inflation. This means there is room for more wage growth in the current macroeconomic conditions. Wed, 17 Aug 2022 12:00:00 GMT https://www.dnb.nl/en/general-news/news-2022/wages-are-rising-in-line-with-inflation-to-a-limited-extent/ The current high inflation in the Netherlands occurs in a different economic environment than in the 1970s. Back then, the labour market, the financial position of businesses and monetary policy were a breeding ground for stagflation. Thu, 28 Jul 2022 08:00:00 GMT https://www.dnb.nl/en/general-news/background-2022/inflation-is-high-but-context-differs-from-the-1970s/ On Thursday, 21 July the European Central Bank (ECB), in addition to a 0.5% interest rate increase, announced the transmission protection instrument (TPI). Mon, 25 Jul 2022 12:00:00 GMT https://www.dnb.nl/en/general-news/news-2022/ecb-announces-new-instrument-in-fight-against-rising-inflation/ After a strong recovery from the COVID-19 pandemic in 2021, the war in Ukraine and high inflation have worsened the economic outlook and increased financial stability risks. In addition to the enormous humanitarian consequences in Ukraine itself, the economic and financial impact of the war... Wed, 25 May 2022 12:00:00 GMT https://www.dnb.nl/en/general-news/press-release-2022/financial-stability-risks-increased-due-to-war-and-high-inflation/