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We bring you the 159th episode of Štěpán Křeček's OFFLINE podcast. Miroslav Singer is a Czech economist, he was the governor of the Czech National Bank in 2010–2016. Since 2017, he has been working as director of institutional relations and chief economist of Generali CEE Holding, and since January 2018 he has also been a member of the executive committee. In this piece, Štěpán Křeček discussed with Miroslav Singer the setting of basic interest rates and pressure from politicians on central banks. The debate focused on the conflicts between Czech politicians and the management of the Czech National Bank, as well as the current situation surrounding the reduction of interest rates in the Czech Republic. In the end, the discussion focused on the condition of the private and state sectors, including the importance of the state sector, its financing and contribution to the economy. 00:00 - Intro 00:15 - Introduction 01:30 - Setting of basic interest rates and pressure from politicians in the world 06:25 - Conflicts between Czech politicians and the management of the CNB 09:30 - Lowering the basic interest rate in the Czech Republic 14:45 - The election of Trump and the US economy 21:45 - Europe is not keeping up with the US economically 29:12 - The condition of the private and state sectors 38:40 - The state sector and its contribution and financing