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Deutsche Bundesbank: speeches

110 speeches by the president of the Deutsche Bundesbank (Germany) listed between 11 January 2022 and 21 October 2026. Leaders covered: Joachim Nagel (since 1 January 2022). Most frequent topics: inflation and price stability, growth, investment and productivity, monetary policy and interest rates. The full list is on bundesbank.de ↗.

Last updated 10 November 2026 · newest first

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiStable banks, strong capital markets - Europe’s financial system for the future

ContextAddress on four decades of European finance; the Bundesbank supports price and financial stability in Germany and the euro area, and its main challenge is regulatory complexity.

Why it mattersIt previews the coming European reforms on securitisation and banking rules, with a legislative proposal on the banking framework expected in early 2027.

Problems raised
  1. Europe's savings are not channelled efficiently into investment, innovation and growth.
  2. Capital and resolution requirements are so complex that buffers cannot be used as intended.
  3. Foreign-owned subsidiaries may lack support from parent companies in a crisis.
Solutions proposed
  1. Build a Savings and Investments Union that gives firms a wider and more varied pool of investors.
  2. Reform securitisation so banks can pass risks to markets and free capital for new loans.
  3. Simplify the banking rulebook, with fewer risk-weighted requirements for small, low-risk banks.
Read the speech summary

1. Why integration matters now

Joachim Nagel looks back on forty years of European integration and notes that financial markets remain only partly joined. Europe must fund large investment in artificial intelligence, energy and decarbonisation, put at 750 to 800 billion euros a year to 2030, plus defence. Public money cannot cover it, so the financial system must mobilise private funds more effectively.

2. Strong but structurally handicapped banks

European banks are robust, with solid capital and liquidity that limited the 2023 turmoil, and this should not be put at risk by reforms. Yet US lenders do better on margins and valuations. He rejects overcapitalisation as the cause, citing ECB and Bundesbank research that higher capital lowers funding costs and earnings swings. Direct rivalry between German and American banks in lending is actually rare; it is mostly in investment banking and trading. The real handicap is fragmented banking and capital markets and a patchwork of complex, sometimes contradictory national rules, which block efficient capital allocation and economies of scale.

3. The Savings and Investments Union

The goal is to link savings to productive investment through many building blocks: securitisation, less fragmented trading and settlement, tokenisation, venture capital, harmonised supervision, simpler banking supervision, pensions and financial literacy. Proposals are advancing: a securitisation overhaul, a market integration package agreed by ministers last week, an EU-wide company regime for start-ups, and a roadmap with dates. Banks gain too, since securitisation lets them shift risk to investors and free capital for lending; markets and banks are partners, not rivals. A true banking market also needs safer cross-border liquidity management with parent support for subsidiaries in crises, common deposit insurance and lower sovereign debt concentration.

4. Simpler rules

Diversity among big, savings and cooperative banks calls for proportionate rules, as fixed compliance costs weigh on small lenders. A task force set up by the ECB in 2025 proposes fewer risk-weighted elements and a lighter regime for small, low-risk banks paired with a higher leverage ratio, an idea German supervisors have sketched. The Eurosystem fed this into the Commission consultation, and the Commission is expected to table banking legislation in early 2027. Simplification, he stresses, must not weaken the stability already achieved.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiRemarks on the panel topic “Paths to prosperity - forging growth, trade and investment between Europe and Asia”

ContextPanel remarks by Bundesbank President Joachim Nagel at a Europe–Asia economic forum; the German central bank works for price stability while Europe rethinks its trade dependencies.

Why it mattersThe Bundesbank head calls for broader trade links with Asia beyond China, framed around European competitiveness and sovereignty.

Problems raised
  1. Trade gains depend on shared rules that are eroding.
  2. China is both a key partner and a source of dependencies.
  3. Europe's competitiveness is lagging.
Solutions proposed
  1. Diversify ties with a broader group of Asian partners.
  2. Build cheap, reliable renewable energy and complete the savings union.
  3. Stay indispensable in critical value chains.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiShifting ground – how geopolitics is reshaping growth, monetary policy and the role of gold as a reserve asset

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Global Precious Metals Conference, Sorrento, 5 October 2026.

Why it mattersLinks geopolitical fragmentation to growth, inflation risks and reserve management, with gold discussed as one diversification option for central banks.

Problems raised
  1. Geopolitical rivalry disrupts supply chains and raises economic uncertainty.
  2. Geopolitical shocks make inflation and the balance of risks harder for central banks to read.
  3. A fragmented world raises doubts about how to diversify reserves safely.
Solutions proposed
  1. Keep monetary policy focused on price stability while watching supply-side shocks.
  2. Reassess reserve portfolios for resilience and diversification.
  3. Weigh gold's role in reserves as one part of a wider diversification strategy.
Read the speech summary

1. Geopolitics as the common thread

Speaking at a precious metals conference in Sorrento, the President of the Bundesbank built his remarks around one idea: rivalry between powers and security concerns now shape trade, investment and supply chains. This affects the growth outlook, the conduct of monetary policy and the way central banks choose their reserve assets, including gold.

2. Growth: resilient but exposed

Despite the war in the Middle East and disrupted shipping through the Strait of Hormuz, world growth and trade have held up, helped by heavy spending on artificial intelligence infrastructure. Euro area activity surprised on the upside; the September staff projections put growth at 0.9% in 2026 and about 1.5% in 2027 and 2028, driven increasingly by household spending and by investment in digital tools, energy security, the green transition and defence. Germany is in a slow recovery, with growth near 1% this year supported by orders, industry and public spending. The outlook nevertheless depends closely on trade, energy prices and confidence.

3. Monetary policy and the energy shock

Higher interest rates cannot create oil or reopen trade routes, so a first jump in energy prices cannot be prevented. The real question is whether the shock fades or spreads into wages and prices; in the second case, policy must stop it from feeding on itself. Euro area inflation is projected at 3.0% in 2026, falling to 2.5% in 2027 and 2.1% in 2028, with underlying pressure still strong and risks tilted upwards because of low gas storage, damaged refineries and threats to food supply. As there is no clear sign yet of contagion to wages and long-term expectations remain near 2%, the ECB raised rates by a quarter point in both June and September, bringing the deposit rate to 2.5%. Decisions will stay data-driven and taken one meeting at a time.

4. Gold as anchor, then in retreat

Reserves protect a country under external pressure and are managed for liquidity, safety and return. Gold differs from foreign currency holdings because it depends on no issuer. Under the post-war Bretton Woods system it anchored the monetary order and made up almost 70% of world reserves in 1950, much of it held by the United States. Doubts about dollar convertibility helped end that system; gold still represented close to 60% of reserves in 1979. Over the following three decades its share fell to about 10% by 2009, as central banks sold gold, built large foreign currency reserves (Japan, then China) and preferred interest-bearing government bonds in a world focused on integration and cooperation.

5. The return of gold

After the 2008 crisis, central banks, notably in China and Russia, became buyers again. Low bond yields reduced the cost of holding a metal that pays no interest, and geopolitics gained weight: gold serves as a refuge in stress and, held at home, cannot be frozen by sanctions. Its share of global reserves rose to about 14% in 2023 and, mainly because of the price surge, to nearly 25% by 2025. Higher bond yields make bonds more attractive again, but rising public debt and lasting geopolitical risk keep a strong case for diversifying into gold. He closed with a line from Tasso to suggest that the worth of gold lies in the use people give it.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiMore momentum for the economy

ContextGuest speech by Joachim Nagel, President of the Deutsche Bundesbank, at the “Jahresköste” annual banquet of the Rostock Merchants’ Association, Rostock, 2 October 2026.

Why it mattersNames labour shortage, weak investment and low productivity as the brakes on German growth, and backs a pension reform linked to life expectancy.

Problems raised
  1. Germany's labour supply is shrinking as the baby-boom generation retires.
  2. Firms invest little and productivity is barely rising.
  3. Reforms such as pensions are hard to pass in the current political climate.
Solutions proposed
  1. Link the retirement age to life expectancy and raise labour supply.
  2. Mobilise Europe's large savings for investment at home.
  3. Strengthen digital sovereignty and work more closely with European partners.
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1. A setting tied to reunification

Bundesbank President Joachim Nagel spoke at the annual banquet of Rostock's merchants' association, a centuries-old tradition revived after reunification, on the eve of German Unity Day. He recalled the 1990 introduction of the Deutsche Mark in the East, noted that output per person there is still about 28% below the West, and stressed that strong and weak regions exist in both parts, with Rostock having grown into a science and technology hub.

2. A recovery with weak foundations

Germany did better than expected in the first half of 2026 despite tariffs and the Middle East conflict, and may grow by about 1% this year after three flat years, helped by debt-financed spending on defence, infrastructure and climate and by solid foreign demand. But Bundesbank experts put potential growth at only 0.4%, a third or a quarter of its pace ten years ago, because of labour shortages as baby boomers retire, low business investment and almost no productivity gains. To get back to regular growth of 1% or more he suggests more full-time work by women, removing incentives for early retirement, managed immigration in a welcoming climate, and faster, digital, simpler administration. He credits the government with tackling many issues but says it could move faster.

3. Pension reform

With about 800 000 young people entering working age each year against 1.2 million reaching retirement age, pension finances are under strain. He supports the pension commission's proposals: tying the pension age to longevity, raising it by two-thirds of any gain, as the Bundesbank had urged; ending penalty-free retirement after 45 years of contributions except in hardship cases, since it mainly benefits healthy people with high entitlements; and adding a mandatory funded pillar on the Swedish model, which raises contributions for a time but pays off over the long run. He warns that failure on these points would cast doubt on Germany's ability to reform.

4. The digital euro

Stressing that Germany alone is too small to weigh internationally, he backs a savings and investment union, a digital single market and greater digital independence. The digital euro would cut reliance on non-European payment firms, work across the euro area on phones, collect minimal data, allow almost cash-like offline payments and lower merchants' fees. He rejects claims that it would enable surveillance, be programmable, crowd out private solutions such as Wero or replace cash, and expects a decision in Brussels this year and an introduction from 2029. He concludes that change must be accepted if burdens are shared fairly.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe competitiveness of the European banking sector

ContextOpening remarks by Joachim Nagel, President of the Deutsche Bundesbank, at the OMFIF (Official Monetary and Financial Institutions Forum) Roundtable “Future of banking: Europe’s strategic banking challenges”, London, 1 October 2026.

Why it mattersTies European bank competitiveness to deeper capital markets and simpler, more proportionate regulation ahead of new EU proposals planned for 2027.

Problems raised
  1. European banks lag on profitability and market valuation compared with peers.
  2. The financial system is still too fragmented to channel Europe's large investment needs.
  3. Regulation is complex and weighs heavily on smaller banks.
Solutions proposed
  1. Deepen venture capital and securitisation markets and encourage more capital-market investment by households.
  2. Move towards more integrated cross-border services and supervision.
  3. Simplify the rulebook significantly and make it proportionate for smaller banks.
Read the speech summary

1. Sound banks

Speaking at the Saddlers' Hall in London, home of a craft guild founded in 1395, Bundesbank President Joachim Nagel used the guild's motto about riding securely to discuss how firmly European banks sit, how they fare against foreign rivals and what would help them. Unlike in 2008, they weathered the pandemic and the 2023 turmoil, which he credits to post-crisis capital rules: studies by Basel, ECB and Bundesbank experts show stronger capital improves stability, lending and growth over the cycle.

2. How they compare

Direct competition with US banks is limited to investment banking and trading; corporate lending in Germany is contested mainly among European lenders. US and UK banks still earn higher margins and trade at higher valuations, although European bad loans and cost ratios keep falling. Research finds more capital does not hurt efficiency but cuts funding costs; the real drag is Europe's fragmented banking and capital markets and divergent national rules.

3. Three remedies

He wants more integrated, deeper capital markets through venture capital, securitisation, more retail investment, cross-border services and joint supervision of market infrastructure, which would also give banks scale. He backs simpler EU rules, expected in proposals early in 2027, but insists that integration measures favouring big cross-border banks be matched by lighter, proportionate requirements for small banks. And he warns that non-banks, now holding half of financial assets, are closely tied to banks (14% of German banks' assets are claims on them), so lenders must manage private-credit exposures carefully.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiHas Europe fully digested the new geoeconomic realities - and does it have the energy to cope with them

ContextEvening speech by the Bundesbank President to the Society of Professional Economists in the United Kingdom.

Why it mattersThe Bundesbank President, speaking in London, argues that Europe's old growth drivers are fading and calls for closer EU-UK cooperation in a fragmenting world.

Problems raised
  1. Geoeconomic fragmentation is reshaping the world economy.
  2. The forces that supported European growth are weakening.
  3. The EU and the UK face similar pressures.
Solutions proposed
  1. Acknowledge the new geoeconomic realities.
  2. Deepen EU-UK cooperation and regulatory alignment where useful.
  3. Mobilise Europe's energy to strengthen its economy.
Read the speech summary

1. Britain and the EU, closer again

At the annual dinner of a British society of economists in London, the Bundesbank President noted that, ten years after the referendum, the United Kingdom has drifted less from EU rules than many expected and now seeks closer ties, from youth mobility to defence. He explained this rapprochement by a shared exposure to geoeconomic fragmentation, which the IMF describes as a deliberate unwinding of integration for strategic reasons.

2. The new geoeconomic landscape

The rivalry between Washington and Beijing now defines the world economy, and each side uses chokepoints. China dominates rare earths and produces around 30% of world manufacturing, threatening Europe's mid-technology industry. The United States controls most global financial services, leads in technology and anchors NATO, and it now uses tariffs as leverage. Bundesbank work shows tariffs hurt trade and the US economy itself, although the AI investment boom kept world trade strong last year. Trade restrictions reached record numbers in 2023-25 and trade policy uncertainty in this decade is about five times the level of the 2000s. German exporters were squeezed by both US tariffs and Chinese competition, France worries about Chinese export pressure and British analysts see these forces aggravating domestic weaknesses.

3. Europe's assets

He answered his own question with confidence: Europe can cope. Britain brings world-class finance and professional services, advanced manufacturing and an educated workforce; the EU brings the largest trading bloc and network of trade deals, strong industry and a market of 27 countries and 450 million consumers. The friendship treaty signed between Britain and Germany last year expresses the shared values on which both can build.

4. Competitiveness and digital money

The EU still has to exploit its single market fully. The savings and investments union aims to channel European savings into European investment, with further plans to close the funding gap for growing start-ups and to let a new company be created online in two days for at most €100. In payments, a digital euro would bring central bank money into the digital era and reduce reliance on non-European card schemes; legislation is expected by the end of 2026 and a launch in 2029. A wholesale settlement service linking tokenised markets to the Eurosystem's payment platforms began operating the day before the speech.

5. Artificial intelligence and security

AI promises large efficiency gains, already visible in early uses including at central banks, but frontier models also raise cyber risks for financial stability, as the Financial Stability Board has warned. Britain and the EU cooperate on these issues through regular dialogues. He concluded that, by combining their strengths and common values, both will absorb the shock and become more resilient.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiOpening remarks - panel session on economics of innovation

ContextOpening remarks by Joachim Nagel, President of the Deutsche Bundesbank, at the panel session on economics of innovation, at the Central Bank of Ireland conference “Trust and innovation – the future of finance", Dublin, 18 September 2026.

Why it mattersA clear diagnosis from the Bundesbank of why Europe struggles to turn innovation into growth, with a concrete list of fixes from capital markets to data centres.

Problems raised
  1. Europe struggles to create and scale productivity-boosting innovation.
  2. Its venture capital market is far smaller than in the United States.
  3. Infrastructure gaps, including data centres, hold back growth.
Solutions proposed
  1. Complete the single market and a savings and investments union.
  2. Improve infrastructure, education and basic research.
  3. Let the public sector set reliable rules and act only where markets fail.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiFrom heritage to renewal - building Europe’s future

ContextEvening speech by the Bundesbank President in the Basilica of the Bode-Museum on Berlin's Museum Island.

Why it mattersGiven while the ECB Governing Council met in Berlin, this speech sums up the Bundesbank's agenda for European competitiveness, from capital markets to energy grids.

Problems raised
  1. European firms compete from 27 separate markets against the US and China.
  2. Promising start-ups must look abroad for funding.
  3. Europe lags in AI and depends on others for key technologies.
Solutions proposed
  1. Build the Savings and Investments Union to channel savings into investment.
  2. Invest in data centres, energy grids and cheap, secure electricity.
  3. Act at European level wherever scale is decisive.
Read the speech summary

1. Europe is not a museum

Speaking in the Bode Museum in Berlin, Bundesbank President Joachim Nagel rejected the idea that Europe merely preserves past prosperity while innovation happens elsewhere. The world is harsher and less predictable, competition is fiercer and artificial intelligence is reshaping economies, so competitiveness and sovereignty must be considered together. He notes that Europe depends on non-European providers for chips, computing power and cloud services, and that the most capable models come from the United States and China.

2. Europe's assets and what it needs

His view is that Europe can still become a major technological player: it has top universities and AI talent, industrial data and large private savings. But firms cannot race the Americans and Chinese while split across 27 national markets for money, services and workers; Europe must become large in practice. Three things are essential: more venture capital through the Savings and Investments Union, so start-ups need not seek funding abroad; enough computing capacity, meaning data centres, grids and competitively priced power, helped by more cross-border interconnections; and truly integrated markets for digital services and talent so young firms can scale quickly.

3. Act at European level

Where scale is decisive, he says, national action falls short and national interests are often better defended by acting jointly, so initiatives should be judged through a European lens. Central bankers can use the Eurosystem's experience to explain what is at stake, and the digital euro is the Eurosystem's contribution to sovereignty. He ends by calling prosperity a launch pad rather than a relic, comparing Europe with a museum that keeps renewing itself.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiActing together for a sovereign and competitive Europe

ContextSpeech by the Bundesbank President in Frankfurt to an audience of European officials, at the start of Ireland's EU Council presidency.

Why it mattersAddressed to European ambassadors, this speech ties the digital euro and capital markets union to Europe's economic sovereignty.

Problems raised
  1. Europe's capital markets are too fragmented to attract global investors.
  2. Europe depends on foreign providers for payments.
  3. The euro's global role needs to be protected.
Solutions proposed
  1. Complete the savings and investments union.
  2. Introduce the digital euro as a European payment infrastructure.
  3. Get EU institutions and member states to act together.
Read the speech summary

1. The savings and investments union

Speaking in Frankfurt for the EU's Irish Presidency, Bundesbank President Joachim Nagel urged action on two files. First, the savings and investments union: Europe relies on outside venture capital, especially in later-stage rounds, though its high savings could finance its own scale-ups. He backs the One Europe, One Market Roadmap, with a single EU-wide company form, updated securitisation rules and a market integration and supervision package to be adopted this year; he welcomes more centralised supervision of securities and non-banks, with proportionate design and a role for central banks, and suggests a 28th regime for digital securities to reduce national fragmentation and strengthen the euro's international role.

2. Sovereignty in payments

The euro is the world's second most important currency, and holding that position takes broad capital markets, stability-oriented monetary policy and modern payment infrastructure that keeps working even in an emergency. Yet non-European firms such as Mastercard, Visa and PayPal dominate, a dependence as risky as in defence or AI. Europe needs its own digital ecosystem anchored by central-bank digital currency for both wholesale and public use. The digital euro would work in stores, online and person to person and give private innovators a European base. Trilogue talks began last week, a pilot starts in mid-2027 and launch is still planned for 2029. Europe, he concluded, works only when it works together, not just through a national lens.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe euro in a fragmented world - stability, sovereignty, and global responsibility

ContextSpeech by the Bundesbank President on the international role of the euro, given during the 2026 FIFA World Cup semi-finals.

Why it mattersThe Bundesbank President on the euro's global role and on political pressure on central banks, including in the United States.

Problems raised
  1. The world economy is fragmenting.
  2. The euro plays a smaller global role than the dollar.
  3. Political pressure on central banks is rising, including on the Fed.
Solutions proposed
  1. Offer investors reliable returns on euro assets.
  2. Advance the savings and investment union.
  3. Develop a European payments strategy to strengthen the euro.
Read the speech summary

1. The euro's place in the ranking

Using the World Cup as a metaphor, Bundesbank President Joachim Nagel said the euro is the world's second most important currency but far behind the dollar: the dollar made up 57% of foreign reserves at the end of 2025 against about a fifth for the euro, and about 60% of foreign-currency debt against around 30% for the euro; US exporters invoice almost entirely in dollars while EU exporters take dollars for about a third of their sales. The dollar is unlikely to lose its role soon but is not invulnerable: Bundesbank research found that political pressure on the Fed was read by markets as a loss of confidence, with equities down and uncertainty and gold up, and gold's dollar price jumped nearly seventy percent from the April 2025 tariff announcement until the strikes on Iran, then gave back about half. The euro gained little, and stablecoins, almost all dollar-based, could further help the dollar.

2. Why a stronger euro matters and how to get it

A stronger international euro would bring strategic autonomy, less exposure to exchange-rate swings and lower funding costs. The basics are trust in price stability backed by central bank independence, a rule-of-law framework, defence capability and stable growth. Channelling savings to productive uses through the savings and investments union, including partly centralised supervision at ESMA, cheap access for small investors and better financial literacy, would help finance innovative firms. He added that institutions in Europe need to be able to rely on a stable legal order and that those qualities are worth more today because they are no longer guaranteed. Reliable euro liquidity abroad matters too: the ECB made its EUREP repo facility permanent for central banks worldwide, alongside swap lines.

3. The digital euro and wholesale central bank money

Payment sovereignty also underpins the euro's role. The digital euro would give one payment solution across the euro area, reduce dependence on non-European infrastructure and allow conditional payments triggered automatically on delivery or usage, though it will not be programmable money and users stay in control. A wholesale version, a project called Pontes, will deliver central bank money on distributed ledgers from this autumn. Together with better cross-border payments, public money as a base and private firms as innovators, these would make the euro more attractive. He closed by saying the euro must remain a strong player on team Europe, with the Eurosystem doing its share, and that Europe has a great future in the international monetary system.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe digital euro - promoting innovation, safeguarding sovereignty, strengthening Europe

ContextVideo message by the Bundesbank President to the International Bankers Forum conference on payments and banking.

Why it mattersThe Bundesbank President explains why the digital euro matters for Europe's payment sovereignty and presents the Pontes settlement project.

Problems raised
  1. Europe depends on others in critical areas such as payments.
  2. New digital payment solutions raise regulatory and stability questions.
  3. Europe must stay able to act in a crisis.
Solutions proposed
  1. Launch the digital euro to protect payment sovereignty.
  2. Develop the Pontes project for wholesale settlement in central bank money.
  3. Let Europe actively shape global digital payment standards.
Read the speech summary

1. Central bank money in the digital age

Speaking by video to a European payments conference, Bundesbank President Joachim Nagel argued that the digital euro answers three developments. First, payments are digitalising: cash fell from almost half to two fifths of point-of-sale payment value between 2019 and 2024, online purchases doubled in value share to 36%, and shops not accepting cash tripled to 12%. The digital euro would complement cash, keeping central bank money, the anchor of the monetary system, available to everyone in digital form as legal tender. The Eurosystem would provide basic public infrastructure and common standards while banks and payment firms remain the interface with customers and build services on top, such as conditional payments like an automatic insurance payout. To protect financial stability and bank lending, there will be holding limits and no interest, with larger payments covered by a waterfall from a linked bank account; it is a means of payment, not an investment.

2. Sovereignty and privacy

Second, payments are critical infrastructure and Europe depends on non-European providers: more than two thirds of euro-area card payments run on non-European systems, and 13 of 21 euro countries lack a national solution. Convenience must not come at the expense of the ability to act in a crisis. The digital euro would be an autonomous European base infrastructure, not isolation. Privacy is a design requirement: the Eurosystem sees only pseudonymised holdings and cannot build individual profiles, and the offline mode, phone to phone, gives privacy almost like cash.

3. Europe's place in digital finance

Third, the euro's role, as second international currency with inflation averaging about 2% since launch, depends on modern infrastructure. The digital euro is one block in a broader payments strategy, which also includes the wholesale Pontes project for settlement in central bank money on distributed ledgers, and Europe should help shape standards and rules for tokenised markets and stablecoins. He stressed that central bank money and private solutions have long coexisted and complement each other, that the digital euro must not be built against the financial sector, and that its design is meant to fit the existing financial system. He ended with an appeal to turn the digital euro into a shared undertaking with banks and payment firms, whose critical objections will help refine it.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiNew forms of money and the transmission of monetary policy

ContextWelcome remarks by Joachim Nagel, President of the Deutsche Bundesbank, at the International Conference on Payments and Securities Settlement, hosted by the Deutsche Bundesbank and the Bank of Canada, Eltville am Rhein, 18 June 2026.

Why it mattersExplains in plain terms how interest-bearing stablecoins could change the way central bank rate decisions reach households and firms.

Problems raised
  1. Stablecoins and new forms of money could change how monetary policy works.
  2. Interest-bearing stablecoins would affect bank deposits.
  3. The deposit channel of policy may weaken.
Solutions proposed
  1. Factor new forms of money into monetary policy decisions.
  2. Recalibrate policy instruments as needed.
  3. Require stablecoins to hold a large share of reserves as bank deposits.
Read the speech summary

1. Why new forms of money matter for policy

Opening a payments and settlement conference co-hosted with the Bank of Canada, Bundesbank President Joachim Nagel noted that payment systems are part of the monetary system, which rests on central bank money and private money. Three new forms are emerging: retail central bank digital currency, such as the digital euro, planned for 2029; stablecoins, almost all dollar-based; and tokenised deposits, still mainly in wholesale settings. Their footprint is small today, so impact on monetary policy transmission is limited, but it could grow, which is why analysis starts now.

2. Effects through the banking sector

He focused on the bank lending channel, where monetary policy works through banks' funding and willingness to lend. Tokenised deposits barely change the nature of bank deposits, so effects should be limited. A digital euro could in principle draw deposits away from banks, but the holding limit and the absence of interest, which keeps it a means of payment rather than savings, will contain this. Stablecoins are harder: a euro-area shift to foreign-currency coins looks very unlikely given the euro's credibility, while euro stablecoins depend on reserves and funding sources. Under the crypto-asset regulation, issuers must hold a large share of reserves as bank deposits; deposits would shift from many stable private holders to fewer, more mobile institutional ones paid near market rates and concentrated in larger banks. Buying government bonds from banks would shrink balance sheets, while substituting for cash could lengthen them.

3. Conclusions

Effects run mainly through banks' size, deposit mix and funding costs, and differ by instrument: small for tokenised deposits, larger but contained for a digital euro, complex for stablecoins. In most scenarios transmission through banks could get stronger as deposits become more mobile and banks compete for funding, except where stablecoins replace cash. In the long run, shrinking bank lending could move credit elsewhere and weaken the traditional channel while strengthening the asset-price channel, so the net effect is undetermined. None of this removes the ability to deliver price stability; it means the new forms of money must be factored into decisions. Quoting Heine's Loreley, he urged central banks to keep their eyes open and steer with care.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiAct now and advance the German economy

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Frankfurt Euro Finance Summit, Frankfurt am Main, 15 June 2026.

Why it mattersThe Bundesbank President's direct call to speed up investment in Germany, Europe's largest economy, by cutting planning delays.

Problems raised
  1. The German economy grows too slowly.
  2. Planning and approval procedures delay investment.
  3. Europe's financial markets remain fragmented.
Solutions proposed
  1. Give investment right of way in budgets and procedures.
  2. Implement the modernisation agenda of the administration.
  3. Unify Europe's financial markets.
Read the speech summary

1. Football and growth

Opening the Frankfurt Euro Finance Summit, the Bundesbank President joked that in the four years Germany won the World Cup, growth averaged about 4% against 3% normally, while admitting there is no causal link. A year after saying Germany could be a success story, he saw some progress but an even greater need for reforms.

2. Energy shock and rates

The trade dispute with Washington is unresolved, and the closing of the Hormuz shipping route has pushed energy costs up, with lasting effects on world trade in fuel. Euro area inflation climbed from slightly below 2% in January to 3.2% in May, with other prices now rising too; public measures to cut energy bills lowered it by about 0.4 point and will fade. Even after a reopening, oil supply needs months to recover. Market-based and household inflation expectations have risen, and staff projections show 3.0% this year and a return to 2% only in 2028. The ECB therefore raised rates by a quarter point, a move fully anticipated, leaving policy roughly neutral, with all options open for July.

3. Germany's outlook

The Bundesbank expects calendar-adjusted growth of 0.5% in 2026, 0.8% in 2027 and 1.4% in 2028, helped by cheaper energy, a firmer world economy and above all fiscal stimulus worth about 1.3 points of GDP in total, mainly defence and infrastructure.

4. Priority to investment

He called for giving investment the right of way: using the infrastructure and climate fund for truly additional projects, shortening planning and procurement through simpler rules and digital administration, and making Germany an attractive place to innovate. He singled out venture capital: deals equal 0.16% of GDP, about half the French ratio and a fraction of British and American levels. Only 5% of global venture funds are raised in the EU, so growing firms rely on foreign money and sometimes relocate. Cautious pension funds and insurers and thin exit markets explain the gap. National steps help, but Europe needs a single capital market, and a joint paper by the six largest EU finance ministers is an encouraging sign. Quoting a Dortmund football legend, he concluded that results are decided on the pitch: analyses must now turn into action, and if investment keeps priority, the German engine will speed up again, World Cup or not.

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· Joachim Nagel Wiki · Deutsche Bundesbank WikiStable and strong in turbulent times – Europe's responses to global challenges

ContextSpeech by the Bundesbank President to the Lions Club Frankfurt-Am Leonhardsbrunn, on the eve of Europe Day.

Why it mattersThe Bundesbank President's broad view of the decade's shocks and of what monetary policy can and cannot do.

Problems raised
  1. Four major upheavals hit this decade, from the pandemic to war.
  2. The Middle East conflict pushes oil and gas prices up.
  3. Monetary policy alone cannot meet these challenges.
Solutions proposed
  1. Keep monetary policy focused on price stability.
  2. Improve conditions so private firms invest and innovate.
  3. Give a common European response to global challenges.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiCentral bank independence - why it matters

ContextSpeech by the Bundesbank President in Frankfurt honouring former ECB chief economist Otmar Issing on his 90th birthday.

Why it mattersExplains why independence matters as political pressure on the Fed returns.

Problems raised
  1. Central banks were once too exposed to political pressure.
  2. Political pressure on the Fed has returned since 2025.
  3. Markets react to attacks on central bank independence.
Solutions proposed
  1. Protect legal independence of central banks.
  2. Learn from research on independence and inflation.
  3. Defend the institutional framework against pressure.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe digital euro - anchoring Europe's strategic autonomy in a digital future

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the House of the Euro, Brussels, 22 April 2026.

Why it mattersPresents the digital euro as a question of European strategic autonomy.

Problems raised
  1. Geopolitical change raises payment sovereignty questions.
  2. Euro area payment solutions are fragmented.
  3. Europe relies on global payment providers.
Solutions proposed
  1. Introduce the digital euro.
  2. Keep central bank money relevant in a digital economy.
  3. Adopt a firm legal framework for the digital euro.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiAlready here, not yet everywhere - shaping the economic impact of artificial intelligence

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the International Economic Symposium, Rome, 21 April 2026.

Why it mattersThe Bundesbank President's reference speech on AI: its spread, its risks for financial stability and its energy needs.

Problems raised
  1. AI could create financial stability risks through concentration and herding.
  2. Similar models in critical processes raise cyber risks.
  3. AI investments could fail or become stranded.
Solutions proposed
  1. Monitor AI-related risks in finance.
  2. Mobilise investment through initiatives like InvestAI.
  3. Align AI infrastructure with energy and climate goals.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiPresentation of the Deutsche Bundesbank's Annual Report 2025

ContextIntroductory statement by Joachim Nagel, President of the Deutsche Bundesbank, at the press conference presenting the Annual Report 2025, Frankfurt am Main, 5 March 2026.

Why it mattersThe Bundesbank's yearly results presentation, explaining its accumulated loss and its view of the war's impact on Germany.

Problems raised
  1. The Middle East war's impact depends on its duration.
  2. Germany faces many economic challenges.
  3. The Bundesbank has an accumulated loss.
Solutions proposed
  1. Decide carefully whether policy needs to change.
  2. Rely on Germany's institutions, research and skills.
  3. Use future profits to cover losses and rebuild provisions.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiCentral banking in an age of geoeconomic fragmentation and global uncertainty

ContextSpeech by the Bundesbank President at the 157th Baden-Badener Unternehmer Gespräche, a German business leaders' forum.

Why it mattersThe Bundesbank President's view of German weakness and financial stability risks from US tariffs, just as the war began.

Problems raised
  1. Geoeconomic risks and uncertainty are very high.
  2. German growth is weak.
  3. US tariff hikes and geopolitics threaten financial stability.
Solutions proposed
  1. Expect modest growth recovery in Germany.
  2. Monitor risks to financial stability closely.
  3. Defend the benefits of the division of labour and trade.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiPriorities and challenges for Europe in a changing world

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the New Year's Reception of AmCham Germany, Frankfurt am Main, 16 February 2026.

Why it mattersThe Bundesbank President stresses the depth of EU-US investment ties as transatlantic relations come under pressure.

Problems raised
  1. Europe faces a changing world.
  2. Transatlantic ties are under pressure.
  3. Investment links need trust.
Solutions proposed
  1. Build on huge mutual EU-US investment.
  2. Keep bridges like AmCham strong.
  3. Preserve mutual trust and collaboration.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiEuropean monetary policy challenges in the new geopolitical environment

ContextDinner speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Euro50 Group meeting, London, 12 February 2026.

Why it mattersThe Bundesbank President on more volatile inflation, stablecoins and threats to central bank independence.

Problems raised
  1. Geopolitical risk is near 2022 levels.
  2. Inflation may become more volatile.
  3. Stablecoins and pressure on independence challenge central banks.
Solutions proposed
  1. Prepare monetary policy for inflation volatility.
  2. Protect central bank independence.
  3. Address the rise of stablecoins.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiUnder what circumstances is the inflation rate too low?

ContextSpeech by the Bundesbank President to students at a monetary and financial colloquium of the Karlsruhe Institute of Technology, where he studied.

Why it mattersAn unusual Bundesbank speech asking when inflation is too low, not only too high.

Problems raised
  1. Inflation could be too low as well as too high.
  2. Expectations could become unanchored.
  3. Headline inflation is noisy.
Solutions proposed
  1. Respond decisively if expectations drift.
  2. Focus on underlying inflation, such as core inflation.
  3. Define clearly how long the medium term is.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiAI and the future of central banking

ContextWelcome address by Joachim Nagel, President of the Deutsche Bundesbank, at the conference "Artificial Intelligence and the future of central banking", jointly hosted by SUERF ( The European Money and Finance Forum ) and the Deutsche Bundesbank, Frankfurt am Main, 9 December 2025.

Why it mattersThe Bundesbank President on how central banks themselves can use AI, and on the need for explainable models.

Problems raised
  1. AI could transform central banking.
  2. AI models can be hard to explain.
  3. AI has uncertain economic effects.
Solutions proposed
  1. Use machine learning to detect inflation and labour shifts faster.
  2. Invest in explainable AI methods.
  3. Study AI's economic implications.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiCurrent economic policy challenges in Germany and Europe

ContextSpecial lecture by Joachim Nagel, President of the Deutsche Bundesbank, at Yonsei University, Seoul, 1 December 2025.

Why it mattersSpeaking in Seoul, the Bundesbank President compares German and Korean exposure to US-China tensions.

Problems raised
  1. Export-driven economies are exposed to US-China tensions.
  2. Dependence on imported energy creates vulnerability.
  3. Labour shortages and pensions weigh on Germany.
Solutions proposed
  1. Complement the fiscal package with structural reforms.
  2. Ease labour shortages and strengthen pension financing.
  3. Pursue European-level reforms too.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiReducing complexity, preserving stability - outlook for European banking supervision

ContextSpeech by the Bundesbank President at the Bavarian Banking Day in Munich.

Why it mattersThe Bundesbank President explains how to simplify bank rules without weakening capital.

Problems raised
  1. Banking rules have become too complex.
  2. Geoeconomic fragmentation raises risks.
  3. Lax regulation once caused the global financial crisis.
Solutions proposed
  1. Simplify rules without deregulating.
  2. Keep capital strong for stability.
  3. Detail the proposed simplification measures.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiEuropean productivity and standard of living - a long-term perspective

ContextSpeech by the Bundesbank President at the European Banking Congress in Frankfurt.

Why it mattersThe Bundesbank President's long view of Europe's productivity gap with the United States.

Problems raised
  1. Europe's security is under pressure.
  2. Productivity lags the United States.
  3. Doing business in Europe is too complex.
Solutions proposed
  1. Spend more on defence.
  2. Reap the benefits of the AI revolution.
  3. Simplify and harmonise regulation.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiBack to the roots - central banks and financial stability

ContextWelcome address by Joachim Nagel, President of the Deutsche Bundesbank, at the event "The Bundesbank's Financial Stability Review at 20: challenges of yesterday, today and tomorrow", Frankfurt am Main, 6 November 2025.

Why it mattersDraws lessons from twenty years of financial crises for today's stability policy.

Problems raised
  1. Past crises exposed the fragility of the financial system.
  2. Systemic risks can build unseen.
  3. International cooperation is needed.
Solutions proposed
  1. Publish regular financial stability reviews.
  2. Monitor systemic risks.
  3. Cooperate through the Financial Stability Board.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiStaying the course - how central bank independence guides us through uncertainty

ContextSpeech by the Bundesbank President at the Foreign Policy Association in New York, on receiving the association's award.

Why it mattersSpeaking in New York, the Bundesbank President defends central bank independence as the Fed faces political pressure.

Problems raised
  1. Transatlantic relations face major challenges.
  2. US-China tensions and war in Ukraine reshape the global order.
  3. Central banks face political pressure, as the Fed does.
Solutions proposed
  1. Keep monetary policy focused on price stability.
  2. Refuse politically opportune goals.
  3. Pursue stability through international cooperation.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiIntroductory statement - Annual General Assembly of the Hellenic Federation of Enterprises

ContextIntroductory statement by Joachim Nagel, President of the Deutsche Bundesbank, at the Annual General Assembly of the Hellenic Federation of Enterprises, Athens, 7 October 2025.

Why it mattersSpeaking in Athens, the Bundesbank President points to Greek reforms as a lesson for Germany's weak productivity.

Problems raised
  1. Germany's productivity growth is persistently weak.
  2. Investment is weak after monetary tightening.
  3. Growth is weak across the euro area.
Solutions proposed
  1. Learn from Greece's reform success.
  2. Take decisive government action to reignite productivity.
  3. Boost productivity in every euro area country.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiIntroductory remarks - Sibos 2025 conference

ContextIntroductory remarks by Joachim Nagel, President of the Deutsche Bundesbank, at the opening plenary of the Sibos 2025 conference, Frankfurt am Main, 29 September 2025.

Why it mattersExplains why payments have become a political and strategic question.

Problems raised
  1. Payments have become political.
  2. Disruptive technologies change market infrastructure.
  3. New instruments could fuel runs or volatility.
Solutions proposed
  1. Keep central bank money as the anchor.
  2. Use wholesale central bank digital currency with DLT.
  3. Set guardrails against distorted incentives.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiBuilding blocks for a strong and sovereign Europe

ContextSpeech in Frankfurt to the RhineMain group of the Friedrich-Ebert-Stiftung; the Bundesbank is Germany's central bank within the euro system and faces pressure on Europe's sovereignty and defence.

Why it mattersThe Bundesbank president ties Europe's sovereignty, including defence, to deeper financial integration through the Savings and Investments Union.

Problems raised
  1. Europe's sovereignty is challenged, including in defence.
  2. Europe is not economically independent enough.
  3. Geopolitical tensions are rising.
Solutions proposed
  1. Work more closely among EU members and with willing partners.
  2. Advance the Savings and Investments Union.
  3. Share risks better across borders.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiExports under pressure - why Germany needs to act now

ContextSpeech to the Harvard Club Rhein-Main in Frankfurt; the Bundesbank is Germany's central bank within the euro system and watches a German economy hurt by weak exports.

Why it mattersIt warns that German exporters face lasting weaker demand and that new public money must become real investment rather than replace existing spending.

Problems raised
  1. German exports suffer from weaker global demand.
  2. Competitiveness has declined.
  3. New public funds may not become extra investment.
Solutions proposed
  1. Act urgently to improve supply conditions.
  2. Make sure new funds go to real investment.
  3. Create the savings and investments union.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiBanking regulation - as complex as necessary, as simple as possible

ContextOpening speech at the Bundesbank's thirteenth regulatory conference in Frankfurt; the Bundesbank helps supervise German banks and is pushing for simpler but robust bank rules.

Why it mattersThe Bundesbank calls for simpler bank rules without weakening safety, keeping the leverage ratio as a backstop.

Problems raised
  1. Banking rules have become very complex.
  2. Crisis measures trigger at inconsistent points.
  3. Complexity can hide risks.
Solutions proposed
  1. Prefer simple, appropriate solutions.
  2. Keep the leverage ratio as a backstop.
  3. Align crisis triggers.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe German economy - navigating cyclical fluctuations and boosting long-term growth

ContextText of the Eesti Pank Public Lecture by Joachim Nagel, President of the Deutsche Bundesbank, at Eesti Bank, Tallinn, 7 July 2025.

Why it mattersThe Bundesbank links Germany's growth outlook to labour shortages, energy costs and doubts over the dollar's safe-haven role.

Problems raised
  1. Germany faces labour shortages.
  2. The energy transition is costly.
  3. The dollar's safe haven status is questioned.
Solutions proposed
  1. Reform to ease labour shortages and pensions.
  2. Transform the energy sector efficiently.
  3. Build a unified European response and attract investors.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiCurrent and future monetary policy challenges facing the Eurosystem

ContextText of the 20th Walter Eucken Lecture by Joachim Nagel, President of the Deutsche Bundesbank, at the Walter Eucken Institute, University of Freiburg, Freiburg, 23 June 2025.

Why it mattersThe Bundesbank president warns against relying on the natural interest rate when setting euro area policy.

Problems raised
  1. Rapid rate hikes created balance sheet risks.
  2. The natural rate of interest is very uncertain.
  3. The future is hard to foresee.
Solutions proposed
  1. Avoid basing decisions only on the natural rate.
  2. Stay humble about forecasts.
  3. Base future operations on sound principles.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiTarget achieved – no reason to let up

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Frankfurt Euro Finance Summit, Frankfurt am Main, 16 June 2025.

Why it mattersThe Bundesbank declares euro area inflation back at target while warning about US tariffs and German growth.

Problems raised
  1. The US tariff dispute lowers growth.
  2. Markets fell sharply after tariff announcements.
  3. Germany must regain momentum.
Solutions proposed
  1. Stabilise inflation at 2%.
  2. Keep monetary policy steady.
  3. Pursue Agenda 2030 for German growth.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiStructural challenges for the German economy

ContextSpeech at the 79th Monetary Workshop in Darmstadt; the Bundesbank is Germany's central bank within the euro system and watches an economy facing weak potential growth.

Why it mattersThe Bundesbank president lists bureaucracy, labour shortages and weak investment as the core of Germany's growth problem.

Problems raised
  1. Germany's economic model faces major challenges.
  2. Growth is under pressure.
  3. Red tape blocks investment.
Solutions proposed
  1. Cut unnecessary bureaucracy.
  2. Strengthen the labour force.
  3. Improve investment conditions and support innovation.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiPresentation of the Deutsche Bundesbank's Annual Report 2024

ContextIntroductory statement by Joachim Nagel, President of the Deutsche Bundesbank, at the press conference presenting the Annual Report 2024, Frankfurt am Main, 25 February 2025.

Why it mattersThe Bundesbank reports losses from past bond purchases and expects earnings to recover as rates fall.

Problems raised
  1. Uncertainty about inflation is high.
  2. The Bundesbank faces losses.
  3. Households worry about inflation costs.
Solutions proposed
  1. Take one step at a time on rates.
  2. Expect earnings to improve as rates fall.
  3. Watch households' inflation concerns.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiFinancing the transition to greenhouse gas neutrality - how much and with which instruments?

ContextRemarks at the University of Glasgow's Adam Smith Business School; the Bundesbank is Germany's central bank within the euro system and studies how to finance the move to climate neutrality.

Why it mattersThe Bundesbank estimates Germany's green investment needs at about 390 billion euros a year.

Problems raised
  1. The green transition needs huge investment.
  2. Germany needs about €390 billion a year.
  3. Public money is not enough.
Solutions proposed
  1. Estimate investment needs carefully.
  2. Mobilise private finance.
  3. Use suitable financial instruments.
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· Joachim Nagel Wiki · Deutsche Bundesbank Wikir* in the monetary policy universe - navigational star or dark matter?

ContextLecture by Joachim Nagel, President of the Deutsche Bundesbank, at the London School of Economics and Political Science, London, 12 February 2025.

Why it mattersThe Bundesbank president questions how much the natural interest rate should guide policy.

Problems raised
  1. The natural rate of interest is uncertain.
  2. Ageing and slow productivity shift saving and investment.
  3. Perceptions can change r-star.
Solutions proposed
  1. Use r-star cautiously in policy.
  2. Rely on multiple indicators.
  3. Monitor risk appetite in markets.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiMonetary policy in times of uncertainty and structural challenges

ContextSpeech at the European Stability Mechanism in Luxembourg; the Bundesbank is Germany's central bank within the euro system and faces high uncertainty around inflation forecasts.

Why it mattersThe Bundesbank president urges caution as markets swing on rate expectations.

Problems raised
  1. Market rate expectations swing widely.
  2. Upside inflation risks remain.
  3. Uncertainty is high.
Solutions proposed
  1. Avoid over-reacting to market swings.
  2. Use scenario analysis.
  3. Keep a cautious policy course.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiResilience and renewal - ways out of the weak growth

ContextLecture in Dortmund organised by Sparkasse Dortmund and the International School of Management; the Bundesbank is Germany's central bank within the euro system and watches an economy stuck in weak growth.

Why it mattersThe Bundesbank president blames red tape, taxes and weak innovation for Germany's stagnation.

Problems raised
  1. Germany suffers from weak growth.
  2. Regulation, taxes and bureaucracy deter business.
  3. Innovation is lacking.
Solutions proposed
  1. Improve business conditions with structural policies.
  2. Cut red tape and burdens.
  3. Support innovation beyond large firms.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiJoint European responses to the challenges we face

ContextSpeech at the European Banking Congress in Frankfurt; the Bundesbank is Germany's central bank within the euro system and calls for joint European answers to common challenges.

Why it mattersThe Bundesbank president argues that one-sided trade dependencies require a common European answer.

Problems raised
  1. Unilateral trade dependencies create risks.
  2. Europe faces common challenges.
  3. Inflation was very high.
Solutions proposed
  1. Give joint European responses.
  2. Reduce trade dependencies.
  3. Keep price stability as the main task.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiA stable euro in a strong Europe

ContextText of the Karl Otto Pöhl Lecture by Joachim Nagel, President of the Deutsche Bundesbank, to the Frankfurt Society for Trade, Industry and Science, Frankfurt am Main, 30 October 2024.

Why it mattersThe Bundesbank president links a stable euro to lower deficits and better financial literacy.

Problems raised
  1. Deficits and debt remain high.
  2. Inflation widens inequalities.
  3. Only half of EU citizens have basic financial knowledge.
Solutions proposed
  1. Bring deficits and debt down reliably.
  2. Stabilise inflation at 2%.
  3. Adopt a national financial literacy strategy.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiDot plots for the Eurosystem?

ContextLecture at Harvard University in Cambridge, Massachusetts; the Bundesbank is Germany's central bank within the euro system and debates how the ECB should communicate its outlook.

Why it mattersThe Bundesbank president asks whether the ECB should publish rate projections like the Fed.

Problems raised
  1. Inflation is not yet fully back to 2%.
  2. Uncertainty makes guidance hard.
  3. Communication must evolve.
Solutions proposed
  1. Stay data-dependent, meeting by meeting.
  2. Consider whether dot plots would help.
  3. Review how uncertainty informs communication.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiIntroducing a digital euro - the cross-border dimension

ContextSpeech at the Reserve Bank of India's 90th anniversary conference in New Delhi; the Bundesbank is Germany's central bank within the euro system and prepares a possible digital euro.

Why it mattersThe Bundesbank president addresses how a digital euro would interact with other currencies across borders.

Problems raised
  1. Private European payment solutions may not meet needs.
  2. Cross-border use of CBDCs needs planning.
  3. Interoperability is unclear.
Solutions proposed
  1. Introduce the digital euro.
  2. Plan cross-border interaction early.
  3. Cooperate among central banks.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiRemarks at the "Bell ringing ceremony"

ContextRemarks at a bell-ringing ceremony at Deutsche Börse in Frankfurt for the European Commission joining the Eurex repo market; the Bundesbank is Germany's central bank and supports deep European markets.

Why it mattersBrussels joining the collateralised lending market deepens trading in common EU bonds.

Problems raised
  1. Digital and green investment needs are huge.
  2. Insolvency regimes are fragmented.
  3. Capital must reach innovative firms.
Solutions proposed
  1. Act as clearing member for the European Commission.
  2. Strengthen Frankfurt as a financial hub.
  3. Harmonise insolvency rules.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiInteractions between monetary policy, regulation and financial markets

ContextVideo message by Joachim Nagel, President of the Deutsche Bundesbank, at the Conference on Markets and Intermediaries, jointly organised by the Deutsche Bundesbank and the Humboldt-Universität Berlin, Frankfurt am Main, 1 October 2024.

Why it mattersThe Bundesbank president examines side effects of non-standard monetary tools on markets.

Problems raised
  1. Monetary policy, regulation and markets interact.
  2. Non-standard tools have side effects.
  3. Design matters.
Solutions proposed
  1. Design central bank measures carefully.
  2. Research market-intermediary interactions.
  3. Learn from academic work.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiOpportunities and risks of digitalisation in geopolitically difficult times

ContextSpeech at the TARGION Science Award ceremony in Frankfurt; the Bundesbank is Germany's central bank within the euro system and weighs the risks of digitalisation in tense geopolitical times.

Why it mattersThe Bundesbank president warns of state-backed cyberattacks on critical digital infrastructure.

Problems raised
  1. State-backed cyberattacks are rising.
  2. China and Russia are main attack sources.
  3. Digital infrastructure is critical.
Solutions proposed
  1. Recognise digitalisation's opportunities.
  2. Strengthen cyber resilience.
  3. Protect data centres and internet nodes.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiWhy do we need Europe?

ContextSpeech at the annual summit of the Stern Stewart Institute in Elmau, Bavaria; the Bundesbank is Germany's central bank within the euro system and argues for European answers to global challenges.

Why it mattersThe Bundesbank president argues that Germany's interests are best served as part of Europe.

Problems raised
  1. Significant change and geopolitical risks.
  2. Global challenges need global answers.
  3. Capital markets remain fragmented.
Solutions proposed
  1. See Germany as part of a European team.
  2. Pursue multilateral solutions.
  3. Advance the capital markets union.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiCurrent monetary policy topics

ContextSpeech at a Commerzbank event in Frankfurt on monetary policy in times of inflation; the Bundesbank is Germany's central bank within the euro system and watches inflation returning toward target.

Why it mattersThe Bundesbank president warns that defence, climate and ageing will strain public finances.

Problems raised
  1. Inflation was high.
  2. Fiscal priorities compete.
  3. Climate, defence and ageing add costs.
Solutions proposed
  1. Keep monetary policy steady.
  2. Set clear fiscal priorities.
  3. Stay vigilant on inflation.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiFuture-proofing central banks

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Bank for International Settlements Innovation Summit, Basel, 9 September 2024.

Why it mattersThe Bundesbank president urges central banks to prepare systematically for unforeseeable scenarios.

Problems raised
  1. Structural risks are hard to foresee.
  2. Future paths are uncertain.
  3. Central banks must adapt to innovation.
Solutions proposed
  1. Think through scenarios systematically.
  2. Future-proof central banks through innovation.
  3. Cooperate through the BIS.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiWhat can we learn from the recent disinflation episode?

ContextDinner speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Central Bank Research Association (CEBRA) Annual Conference, Frankfurt am Main, 29 August 2024.

Why it mattersThe Bundesbank president draws lessons from the recent disinflation and its cost to growth.

Problems raised
  1. Core and services inflation remain elevated.
  2. Disinflation costs growth.
  3. Lessons must be drawn.
Solutions proposed
  1. Cut rates once the outlook improved.
  2. Measure the cost of disinflation.
  3. Stay cautious on services inflation.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe digital euro and the protection of privacy

ContextOpening video address by Joachim Nagel, President of the Deutsche Bundesbank, at the International Conference on Payments and Securities Settlement – Data and Information, Eltville, 5 July 2024.

Why it mattersThe Bundesbank president addresses privacy concerns about a digital euro.

Problems raised
  1. People worry about privacy in a digital euro.
  2. Wholesale settlement needs innovation.
  3. Concerns must be answered.
Solutions proposed
  1. Protect privacy in the digital euro.
  2. Develop wholesale CBDC solutions.
  3. Answer concerns with clear arguments.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe digital euro – unifying and trustworthy

ContextText of the Vigoni lecture by Joachim Nagel, President of the Deutsche Bundesbank, Rome, 24 June 2024.

Why it mattersThe Bundesbank president explains how holding limits for a digital euro would work.

Problems raised
  1. People doubt the digital euro.
  2. Holding limits could cause problems.
  3. Trust must be built.
Solutions proposed
  1. Use a reverse waterfall from bank deposits.
  2. Make the digital euro unifying.
  3. Explain its trustworthiness.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiSpeech delivered at the change of office ceremony at the Regional Office in Saxony and Thuringia

ContextSpeech in Leipzig at a change-of-office ceremony at the Bundesbank's regional office for Saxony and Thuringia; the Bundesbank is Germany's central bank and relies on its regional network.

Why it mattersNagel names geopolitical tension and weak business creation as risks for eastern Germany.

Problems raised
  1. Geopolitical tensions are a major risk.
  2. Business creation in Germany is weak.
  3. Regional offices must adapt.
Solutions proposed
  1. Mark the change of regional leadership.
  2. Watch geopolitical risks.
  3. Encourage new firms.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiReflections on the Eurosystem's new operational framework

ContextSpeech at the Konstanz Seminar on Monetary Theory and Monetary Policy; the Bundesbank is Germany's central bank within the euro system and reviews how the ECB steers short-term rates.

Why it mattersNagel explains the ECB's new framework for steering short-term rates.

Problems raised
  1. The Eurosystem needed a new operational framework.
  2. Money markets must function.
  3. Banks need equal access.
Solutions proposed
  1. Let all eligible banks borrow at the same rate.
  2. Monitor money market activity.
  3. Review the framework in two years.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiRemarks on Enrico Letta's report "Much more than a market"

ContextRemarks at a panel on Enrico Letta's report on the EU single market; the Bundesbank is Germany's central bank within the euro system and supports deeper European integration.

Why it mattersNagel endorses ideas to finish integrating the bloc's internal economy.

Problems raised
  1. The single market is incomplete.
  2. EU infrastructure is fragmented.
  3. Geopolitics demands a more robust EU.
Solutions proposed
  1. Follow the Letta report proposals.
  2. Deepen the single market.
  3. Make the EU more robust.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiToo low, too high - what's next for inflation?

ContextSpeech (virtual) by Joachim Nagel, President of the Deutsche Bundesbank, at the Joint Spring Conference 2024 "Structural Changes and the Implications for Inflation", Eltville am Rhein, 7 May 2024.

Why it mattersNagel examines why inflation swung from too low to too high and what structural shifts mean.

Problems raised
  1. Inflation was too low, then too high.
  2. Structural changes affect inflation.
  3. Supply chain security adds price pressure.
Solutions proposed
  1. Study structural drivers of inflation.
  2. De-risk strategic supply chains.
  3. Accept some price effects for security.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiCentral bank money in the 21st century

ContextSpeech at the DZ Bank Capital Markets Conference 2024 in Berlin; the Bundesbank is Germany's central bank within the euro system and studies the future of central bank money.

Why it mattersNagel warns against a run of automatic rate cuts and backs the digital euro.

Problems raised
  1. Services inflation remains high.
  2. Private payment providers lack trust.
  3. Central bank money must stay relevant.
Solutions proposed
  1. Avoid a series of automatic rate cuts.
  2. Offer central bank money for the 21st century.
  3. Develop the digital euro.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiDigital euro - vision, advances and challenges

ContextIntroductory remarks by Joachim Nagel, President of the Deutsche Bundesbank, at the fireside chat with Massachusetts Institute of Technology students, Cambridge, Massachusetts, 16 April 2024.

Why it mattersNagel argues that a digital euro would protect privacy better than private payment apps.

Problems raised
  1. Private payments give firms access to consumer data.
  2. Infrastructure innovation is slow.
  3. Coordination is needed.
Solutions proposed
  1. Develop the digital euro to protect privacy.
  2. Coordinate infrastructure innovation.
  3. Engage with students and technologists.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiWelcome address

ContextWelcome address by Joachim Nagel, President of the Deutsche Bundesbank, at the opening of the Parallel Beginnings art exhibition, Cambridge, Massachusetts, 16 April 2024.

Why it mattersNagel opens an art exchange as a way to encourage open debate.

Problems raised
  1. Society needs open debate.
  2. Art can challenge views.
  3. Exchange builds understanding.
Solutions proposed
  1. Share the Bundesbank art collection.
  2. Foster exchange with Harvard.
  3. Encourage openness and tolerance.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiWelcome address - Farewell symposium for Claudia Buch and Joachim Wuermeling

ContextWelcome address by Joachim Nagel, President of the Deutsche Bundesbank, at the Farewell symposium on the occasion of the farewell of Claudia Buch, Vice-President of the Deutsche Bundesbank, and Joachim Wuermeling, Member of the Executive Board of the Deutsche Bundesbank, Frankfurt am Main, 22 March 2024.

Why it mattersNagel presents a digital agenda for linking supervisory data.

Problems raised
  1. Supervision needs digital data.
  2. Traditional reporting is limited.
  3. Data are not well linked.
Solutions proposed
  1. Thank departing leaders.
  2. Pursue a digital agenda for supervision.
  3. Link and analyse supervisory data better.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiFrom the Reichsbank to the Bundesbank

ContextWelcome address by Joachim Nagel, President of the Deutsche Bundesbank, at the press conference presenting the findings of the historical research project "From the Reichsbank to the Bundesbank", Frankfurt am Main, 15 March 2024.

Why it mattersThe Bundesbank publishes independent research on the Reichsbank's Nazi-era past.

Problems raised
  1. The Reichsbank's Nazi-era past needed study.
  2. Continuities after 1945 were unclear.
  3. History must be faced.
Solutions proposed
  1. Commission independent historical research.
  2. Publish the findings.
  3. Learn from history.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiPresentation of the Deutsche Bundesbank's Annual Report 2023

ContextIntroductory statement by Joachim Nagel, President of the Deutsche Bundesbank, at the press conference presenting the Annual Report 2023, Frankfurt am Main, 23 February 2024.

Why it mattersNagel reports a weak year for German industry and a cautious path for rates.

Problems raised
  1. Weak external demand hurt industry.
  2. High inflation held back consumption.
  3. Tight policy raised financing costs.
Solutions proposed
  1. Watch core inflation.
  2. Keep policy restrictive until inflation falls.
  3. Present transparent accounts.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiStability and prosperity in Europe

ContextSpeech at the Munich European Conference on security and prosperity, hosted by Giesecke+Devrient; the Bundesbank is Germany's central bank within the euro system and links stability to prosperity.

Why it mattersNagel links Europe's competitiveness to completing banking and capital markets union.

Problems raised
  1. Europe's competitiveness is weak.
  2. Financial markets remain fragmented.
  3. Geopolitical security is challenged.
Solutions proposed
  1. Deepen the single market and simplify administration.
  2. Complete banking and capital markets union.
  3. Keep stability as the core mandate.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiInflation tide after peak - what next?

ContextSpeech at the Central Bank of Cyprus in Nicosia; the Bundesbank is Germany's central bank within the euro system and asks what comes after the inflation peak.

Why it mattersNagel warns that declaring victory over inflation too early could let it return.

Problems raised
  1. Headline inflation has peaked but underlying inflation remains strong.
  2. The full effect of tightening has not yet reached the economy.
  3. Declaring victory too early could let inflation return.
Solutions proposed
  1. Keep policy rates high for long enough.
  2. Monitor the transmission of tighter policy to the real economy.
  3. Remain data-dependent before considering cuts.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiMonetary policy in challenging times

ContextIntroductory remarks by Joachim Nagel, President of the Deutsche Bundesbank, at the Forum Analysis, Milan, 23 November 2023.

Why it mattersNagel urges ratifying the ESM reform to complete the bank crisis framework.

Problems raised
  1. Inflation is still too high in the euro area.
  2. The bank crisis management framework is incomplete.
  3. Future monetary decisions face high uncertainty.
Solutions proposed
  1. Follow a data-dependent, meeting-by-meeting approach.
  2. Ratify the ESM reform to give a backstop to the Single Resolution Fund.
  3. Keep rates restrictive for as long as necessary.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiAre we there yet?

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the 33rd Frankfurt European Banking Congress, Frankfurt am Main, 17 November 2023.

Why it mattersNagel warns against premature talk of rate cuts.

Problems raised
  1. Inflation has not yet returned to 2%.
  2. Geopolitical tension makes the outlook more uncertain.
  3. Firms and consumers may have changed behaviour during high inflation.
Solutions proposed
  1. Keep policy rates high for as long as needed.
  2. Avoid premature talk of rate cuts.
  3. Monitor carefully how tightening is transmitted.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiFiscal policy challenges in a high inflation environment

ContextSpeech at the Forum Finanzpolitik und Steuerrecht in Baden-Baden; the Bundesbank is Germany's central bank within the euro system and warns about fiscal policy under high inflation.

Why it mattersNagel warns that fiscal pressure could undermine the fight against inflation.

Problems raised
  1. High inflation complicates public finances.
  2. Fiscal policy may pressure central banks not to raise rates enough.
  3. Government debt levels are high.
Solutions proposed
  1. Keep fiscal and monetary policy each within their mandate.
  2. Consolidate public finances and respect fiscal rules.
  3. Protect central bank independence.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiMaintaining price stability – the role of the Eurosystem and other economic agents

ContextSpeech at the European Economic and Financial Centre in London; the Bundesbank is Germany's central bank within the euro system and stresses keeping inflation under control.

Why it mattersNagel calls for fewer escape clauses in reformed fiscal rules.

Problems raised
  1. Countries need to rebuild fiscal buffers.
  2. Fiscal rules risk losing their binding effect.
  3. Climate, demographics and conflicts will raise future spending.
Solutions proposed
  1. Reduce the number of exemption clauses in fiscal rules.
  2. Rebuild buffers to prepare for future crises.
  3. Keep monetary policy focused on price stability.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiTrade challenges in a changing world

ContextSpeech at the German-British Chamber of Industry and Commerce in London; the Bundesbank is Germany's central bank within the euro system and watches trade in a changing world.

Why it mattersNagel responds to the label of Germany as the sick man of Europe.

Problems raised
  1. Germany is described as the sick man of Europe.
  2. Trade faces growing fragmentation.
  3. Inflation remains above 2%.
Solutions proposed
  1. Keep open trade relations, including with the UK.
  2. Undertake structural reforms to strengthen growth.
  3. Maintain high rates until inflation returns to 2%.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe digital euro - an opportunity for Europe

ContextSpeech at the autumn meeting of the Wildbader Kreis in Darmstadt; the Bundesbank is Germany's central bank within the euro system and prepares a possible digital euro.

Why it mattersNagel argues that holding limits and banks' role can make a digital euro safe.

Problems raised
  1. Digital payments are dominated by non-European players.
  2. A digital euro could cause deposit outflows in times of stress.
  3. Banks worry about their role in a digital euro.
Solutions proposed
  1. Issue a digital euro while letting banks distribute it.
  2. Set holding limits to protect financial stability.
  3. Use the digital euro to foster innovation with the banking sector.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiIs it time for a prosperity update? - Productivity, competition and stable money in the digital age

ContextLudwig Erhard Lecture by Joachim Nagel, President of the Deutsche Bundesbank, organised by the Initiative New Social Market Economy (INSM), Berlin, 31 October 2023.

Why it mattersNagel links productivity and competition to the digital economy.

Problems raised
  1. Productivity growth is weak.
  2. Middle East tensions could push energy prices up.
  3. Inflation remains too high.
Solutions proposed
  1. Use digitalisation to boost productivity.
  2. Encourage competition in the economy.
  3. Keep monetary policy tight until inflation returns to 2%.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiGermany - generally healthy, but facing challenges

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Capital City Reception, Berlin, 17 October 2023.

Why it mattersNagel argues that deeper capital markets would help Germany invest.

Problems raised
  1. Germany is called the sick man of Europe.
  2. Large investments are needed.
  3. Society faces demographic and structural challenges.
Solutions proposed
  1. Advance the capital markets union.
  2. Fund investment through deeper markets.
  3. Address structural challenges collectively.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiHow is the economy developing – and what is monetary policy doing to overcome the high inflation?

ContextSpeech at the DEKRA Dialog in Stuttgart; the Bundesbank is Germany's central bank within the euro system and explains the fight against high inflation.

Why it mattersNagel explains to business leaders why rates must stay high.

Problems raised
  1. Inflation is very high.
  2. Core inflation is slow to fall.
  3. The economy is weak.
Solutions proposed
  1. Act decisively with monetary policy.
  2. Keep rates high as needed.
  3. Stay confident inflation will be overcome.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiBanking supervision in dialogue

ContextIntroductory remarks by Joachim Nagel, President of the Deutsche Bundesbank, at the Deutsche Bundesbank symposium "Banking supervision in dialogue", Frankfurt am Main, 5 July 2023.

Why it mattersNagel stresses dialogue between supervisors and banks in a changing environment.

Problems raised
  1. Banks face a changing environment.
  2. Supervision must adapt.
  3. Public trust needs maintaining.
Solutions proposed
  1. Maintain dialogue between supervisors and banks.
  2. Strengthen banking supervision.
  3. Anchor monetary stability in people's minds.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiWelcoming speech – Lithuanian evening

ContextWelcoming speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Lithuanian evening, Frankfurt am Main, 4 July 2023.

Why it mattersNagel celebrates Lithuania's integration into the euro area.

Problems raised
  1. Euro area enlargement requires preparation.
  2. Cooperation between central banks matters.
  3. Lithuania's integration into Europe.
Solutions proposed
  1. Strengthen ties with European partners.
  2. Support smooth euro adoption.
  3. Build on German-Lithuanian cooperation.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiChallenges for monetary policy

ContextIntroductory remarks by Joachim Nagel, President of the Deutsche Bundesbank, at the Frankfurt Euro Finance Summit, Frankfurt am Main, 3 July 2023.

Why it mattersNagel warns that inflation could stay above target until 2025.

Problems raised
  1. Inflation will stay above target until 2025.
  2. Monetary policy faces difficult choices.
  3. Rates may need to rise further.
Solutions proposed
  1. Follow a data-dependent approach.
  2. Raise rates further if needed.
  3. Stay committed to the 2% target.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiAnchoring monetary stability in people's minds

ContextSpeech at the tenth anniversary conference of the Alliance for Monetary and Financial Stability; the Bundesbank is Germany's central bank within the euro system and stresses public trust in stable money.

Why it mattersNagel argues that confidence in steady prices must be rebuilt after the surge.

Problems raised
  1. Inflation rose far above the 2% target.
  2. Public trust in stable money has been tested.
  3. Price stability must be anchored in people's minds.
Solutions proposed
  1. Keep monetary policy focused on returning inflation to 2%.
  2. Explain the importance of stable money to the public.
  3. Work with academics and civil society to defend monetary stability.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe macroeconomic outlook - growth, inflation, and risks

ContextIntroductory statement by Joachim Nagel, President of the Deutsche Bundesbank, at the 89th Plenary meeting of the Group of Thirty, Amsterdam, 16 June 2023.

Why it mattersNagel says rates must keep rising as expectations stay high.

Problems raised
  1. Inflation remains well above target.
  2. Inflation expectations are elevated.
  3. Growth in the euro area is weak.
Solutions proposed
  1. Continue raising rates as needed.
  2. Keep rates high until inflation returns to 2%.
  3. Monitor wages and expectations closely.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiEnsuring the supply of cash – including in times of crisis

ContextWelcome message by Joachim Nagel, President of the Deutsche Bundesbank, at the 2023 symposium "Ensuring the supply of cash – including in times of crisis", Berlin, 15 June 2023.

Why it mattersNagel argues that cash must remain available when electronic payments fail.

Problems raised
  1. Digital payments attract more attention than cash.
  2. Electronic payment systems can fail in crises.
  3. People turn to cash in uncertain times.
Solutions proposed
  1. Ensure cash supply in all circumstances.
  2. Strengthen the resilience of cash infrastructure.
  3. Keep cash available as a payment choice.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiIs Germany's "business model" at risk?

ContextSpeech by Joachim Nagel, President of the Deutsche Bundesbank, at a talk followed by a panel discussion ikf institut für kredit- und finanzwirtschaft e. V., Bochum, 5 June 2023.

Why it mattersNagel warns that demographics and inflation threaten Germany's economic model.

Problems raised
  1. Germany's business model faces risks.
  2. Demographic change will reduce the labour force.
  3. High inflation undermines investment.
Solutions proposed
  1. Maintain high rates until inflation reaches 2%.
  2. Address demographic challenges through reforms.
  3. Improve Germany as an investment location.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiProsperity for all – also in the future!

ContextSpeech at the Economic Conference of the CDU Economic Council in Berlin; the Bundesbank is Germany's central bank within the euro system and links prosperity to stable prices.

Why it mattersNagel warns against weakening fiscal rules while fighting inflation.

Problems raised
  1. Inflation constrains investment.
  2. Germany's prosperity is at risk.
  3. Fiscal rules risk being weakened.
Solutions proposed
  1. Focus all efforts on fighting inflation.
  2. Keep fiscal rules strong.
  3. Support investment through stable prices.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiClimate change and central banks – supporting the green transition by pursuing price stability

ContextWelcome address (virtually) by Joachim Nagel, President of the Deutsche Bundesbank, at the Deutsche Bundesbank Spring Conference 2023 "Climate Change and Central Banks", Eltville, 12 May 2023.

Why it mattersNagel argues that price stability is the best support for the green transition.

Problems raised
  1. Climate change affects central banks.
  2. Inflation uncertainty raises term premia.
  3. The green transition needs stable conditions.
Solutions proposed
  1. Pursue price stability to support the transition.
  2. Research climate impacts on monetary policy.
  3. Keep inflation expectations anchored.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiGetting inflation under control in turbulent times

ContextSpeech at the Peterson Institute for International Economics in Washington; the Bundesbank is Germany's central bank within the euro system and works to bring high inflation under control.

Why it mattersNagel argues that bank stress should be handled with separate tools from rate policy.

Problems raised
  1. Inflation is too high amid turbulence.
  2. High inflation draws public attention and concern.
  3. Banking stress adds uncertainty.
Solutions proposed
  1. Keep tightening to control inflation.
  2. Separate price stability from financial stability tools.
  3. Stay committed to the 2% target.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe labour market – supporting the economy or fuelling inflation?

ContextSpeech at the OMFIF Economic and Monetary Policy Institute in Edinburgh; the Bundesbank is Germany's central bank within the euro system and watches tight labour markets.

Why it mattersNagel suggests immigration could ease labour shortages that fuel inflation.

Problems raised
  1. Underlying domestic inflation is rising.
  2. The labour market is tight.
  3. Demographics reduce labour supply.
Solutions proposed
  1. Keep monetary policy on course.
  2. Use immigration to partly offset labour shortages.
  3. Maintain high rates until inflation falls.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiCurrent challenges facing the European Monetary Union

ContextLecture at King's College London; the Bundesbank is Germany's central bank within the euro system and reviews the challenges facing monetary union.

Why it mattersNagel insists on credible fiscal rules for the euro area.

Problems raised
  1. The monetary union faces turbulent times.
  2. Fiscal rules are being reformed.
  3. Debt paths must be sustainable.
Solutions proposed
  1. Keep fiscal rules credible.
  2. Ensure debt reduction.
  3. Maintain price stability.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiPresentation of the Deutsche Bundesbank's Annual Report 2022

ContextIntroductory statement by Joachim Nagel, President of the Deutsche Bundesbank, at the press conference presenting the Annual Report 2022, Frankfurt am Main, 1 March 2023.

Why it mattersNagel warns that inflation will not fall on its own and that the Bundesbank faces losses.

Problems raised
  1. Inflation will not return to 2% on its own.
  2. The Bundesbank faces losses from higher rates.
  3. The economic outlook remains uncertain.
Solutions proposed
  1. Take decisive monetary policy steps.
  2. Continue raising rates as needed.
  3. Use provisions to absorb balance sheet losses.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiMaking the most of Europe's opportunities - reforms for greater prosperity and stability

ContextText of the DIW Europe Lecture by Joachim Nagel, President of the Deutsche Bundesbank, at the German Institute for Economic Research (DIW), Berlin, 16 February 2023.

Why it mattersNagel opposes new common EU debt for industrial plans.

Problems raised
  1. The war in Ukraine devastates Europe.
  2. EU fiscal framework needs reform.
  3. Responsibility and liability must align.
Solutions proposed
  1. Reform EU rules to improve resilience.
  2. Avoid new EU debt for industrial plans.
  3. Pursue reforms for prosperity and stability.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe current economic situation

ContextWelcome words by Joachim Nagel, President of the Deutsche Bundesbank, at a Club evening of the International Club of Frankfurt Economic Journalists, Frankfurt am Main, 21 November 2022.

Why it mattersNagel explains the inflation fight to the press.

Problems raised
  1. Inflation is high.
  2. Communication with the media is essential.
  3. The economy is uncertain.
Solutions proposed
  1. Engage with economic journalists.
  2. Explain monetary policy clearly.
  3. Keep inflation fight credible.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe long shadow of high inflation

ContextSpeech at the 32nd Frankfurt European Banking Congress; the Bundesbank is Germany's central bank within the euro system and fights the highest inflation in decades.

Why it mattersNagel warns that high inflation casts a long shadow.

Problems raised
  1. Price stability is being missed.
  2. Everyone is worried about inflation.
  3. Demand remains strong.
Solutions proposed
  1. Continue tightening.
  2. Restore price stability.
  3. Keep expectations anchored.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiKeynote speech - 10th anniversary of European DataWarehouse

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the10th anniversary of European DataWarehouse, Frankfurt am Main, 14 November 2022.

Why it mattersNagel argues that data transparency can rebuild trust in securitisation.

Problems raised
  1. Trust was lost in the financial crisis.
  2. Securitisation was blamed for bad loans.
  3. Investors need information.
Solutions proposed
  1. Use data warehouses to rebuild trust.
  2. Improve transparency of asset-backed securities.
  3. Support European securitisation markets.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiUncertain times - banks need resilience

ContextSpeech at the Bundesbank symposium Banking supervision in dialogue in Frankfurt; the Bundesbank helps supervise German banks and wants them resilient in uncertain times.

Why it mattersNagel stresses bank resilience in uncertain times.

Problems raised
  1. Uncertain times test banks.
  2. High inflation raises expectations risk.
  3. Banks need resilience.
Solutions proposed
  1. Strengthen bank resilience.
  2. Maintain dialogue with supervisors.
  3. Fight inflation to protect expectations.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe benefits of diversity for central banks

ContextSpeech at the G7 CeBaDi diversity, equality and inclusion summit in Frankfurt; the Bundesbank is Germany's central bank and promotes diversity in central banking.

Why it mattersNagel argues that inclusion strengthens monetary institutions.

Problems raised
  1. Central banks lack diversity.
  2. Generational change is coming.
  3. Inclusion needs progress.
Solutions proposed
  1. Promote diversity in central banks.
  2. Appoint diversity officers.
  3. Build an inclusive culture.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiEl economista

ContextSpeech in Madrid honouring the Bank of Spain governor on receiving the Echegaray Prize; the Bundesbank is Germany's central bank within the euro system.

Why it mattersNagel honours Spain's governor for his career.

Problems raised
  1. Central banking requires excellent economists.
  2. Achievements should be recognised.
  3. Cooperation matters.
Solutions proposed
  1. Honour outstanding central bankers.
  2. Promote economic research.
  3. Strengthen European cooperation.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiHigh inflation, weak growth – the priorities of monetary, fiscal and economic policy

ContextSpeech at the Bundesbank's Capital City Reception in Berlin; the Bundesbank is Germany's central bank within the euro system and faces high inflation and weak growth.

Why it mattersNagel argues that price stability is only valued once lost.

Problems raised
  1. Inflation is high while growth is weak.
  2. Price stability is only valued when lost.
  3. Firms need predictable policy to invest.
Solutions proposed
  1. Prioritise restoring price stability.
  2. Keep fiscal policy targeted and temporary.
  3. Make economic policy forward-looking and dependable.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiInto the new - economic realities after the shockwaves

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Official Monetary and Financial Institutions Forum (OMFIF) and DZ Bank breakfast discussion, Washington DC, 15 October 2022.

Why it mattersNagel discusses new economic realities after the shocks.

Problems raised
  1. Shockwaves changed economic realities.
  2. Supply chains proved fragile.
  3. Geopolitical tension threatens trade.
Solutions proposed
  1. Diversify supply chains.
  2. Strengthen international cooperation.
  3. Keep monetary policy focused on inflation.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe shape of money – yesterday, today and tomorrow

ContextOpening speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Bundesbank Payment Symposium, Frankfurt am Main, 26 September 2022.

Why it mattersNagel discusses how money's form is evolving.

Problems raised
  1. Payments are changing fast.
  2. New infrastructure must be planned.
  3. Money's form is evolving.
Solutions proposed
  1. Exchange with payment experts.
  2. Plan new infrastructure carefully.
  3. Consider the digital euro.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiDoing what's possible – how the central bank and credit institutions can support the necessary transition towards a carbon-neutral economy

ContextSpeech marking the retirement of a savings bank association executive; the Bundesbank is Germany's central bank and supports banks in the carbon-neutral transition.

Why it mattersNagel explains how banks can support the carbon-neutral transition.

Problems raised
  1. High inflation must end.
  2. Expectations may rise.
  3. The carbon transition needs support.
Solutions proposed
  1. End high inflation.
  2. Support green transition within the mandate.
  3. Work with credit institutions.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiIs monetary policy still regulatory policy today?

ContextReichmuth & Co lecture at the University of Lucerne; the Bundesbank is Germany's central bank within the euro system and links price stability to economic order.

Why it mattersNagel warns that the ECB should act only when transmission is truly at risk.

Problems raised
  1. Inflation is too high.
  2. Fiscal rules must reduce debt.
  3. Market dynamics can threaten transmission.
Solutions proposed
  1. Design fiscal rules to reduce debt.
  2. Act only when transmission is at risk.
  3. Respect the European Treaties.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiMonetary policy in times of geopolitical crises and high inflation

ContextSpeech at the European School of Management and Technology in Berlin; the Bundesbank is Germany's central bank within the euro system and faces high inflation and war.

Why it mattersNagel argues for stronger responses when inflation persists.

Problems raised
  1. Geopolitical crises and high inflation coincide.
  2. Entrenched inflation requires stronger responses.
  3. Expectations may de-anchor.
Solutions proposed
  1. Respond decisively to persistent inflation.
  2. Act more strongly when inflation deviates.
  3. Keep expectations anchored.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiDigital euro - opportunities and risks

ContextCFS-IMFS special lecture at Goethe University in Frankfurt; the Bundesbank is Germany's central bank within the euro system and weighs a possible digital euro.

Why it mattersNagel weighs public digital money against volatile tokens.

Problems raised
  1. Cross-border payments have shortcomings.
  2. Crypto and stablecoins pose risks.
  3. Europe needs a digital euro.
Solutions proposed
  1. Explore the digital euro's opportunities.
  2. Address cross-border payments.
  3. Avoid reliance on volatile crypto.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiSpeech at the ceremony marking the change of office at the Regional Office in Bavaria

ContextSpeech in Munich at a change-of-office ceremony at the Bundesbank's regional office in Bavaria; the Bundesbank is Germany's central bank and relies on its regional network.

Why it mattersNagel discusses weak bank profitability as rates rise.

Problems raised
  1. Banks' profitability is weak.
  2. Inflation is rising.
  3. Low rates hurt banks.
Solutions proposed
  1. Address bank profitability.
  2. Raise rates as inflation rises.
  3. Maintain regional presence.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiWhere is monetary policy headed?

ContextVirtual keynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the Frankfurt Euro Finance Summit, 4 July 2022.

Why it mattersNagel warns that hesitant action means harsher tightening later.

Problems raised
  1. Inflation is too high.
  2. Tentative action risks harsher later tightening.
  3. Outlook is uncertain.
Solutions proposed
  1. Raise rates step by step.
  2. Act decisively now.
  3. Base steps on medium-term outlook.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiReturn of inflation - what do we learn from survey data?

ContextSpeech at the joint spring conference on monetary policy and expectations in Eltville am Rhein; the Bundesbank is Germany's central bank within the euro system and studies inflation expectations.

Why it mattersNagel uses survey data to detect rising expectations early.

Problems raised
  1. Expectations may de-anchor.
  2. Price-wage spirals are a risk.
  3. Survey data are needed.
Solutions proposed
  1. Use survey data to monitor expectations.
  2. Detect risks early.
  3. Cooperate on research.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiIntroductory statement to the presidency press conference

ContextIntroductory statement to the presidency press conference following the meeting of the G7 finance ministers and central bank governors by Joachim Nagel, President of the Deutsche Bundesbank, Königswinter, 20 May 2022.

Why it mattersNagel warns that inflation risks becoming entrenched.

Problems raised
  1. Strong inflationary pressures risk becoming entrenched.
  2. Green and digital transitions need investment.
  3. Public finances must remain sound.
Solutions proposed
  1. Prevent inflation from becoming entrenched.
  2. Set a clear legal framework for transitions.
  3. Ensure sound public finances.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiPreparing for rising rates

ContextKeynote speech by Joachim Nagel, President of the Deutsche Bundesbank, at the DZ Bank Capital Markets Conference 2022, Berlin, 11 May 2022.

Why it mattersNagel prepares markets for the first rate rises in a decade.

Problems raised
  1. The recovery is slowing.
  2. Fiscal buffers have been used.
  3. Rates are about to rise.
Solutions proposed
  1. Prepare markets for rising rates.
  2. Normalise monetary policy.
  3. Rebuild fiscal buffers.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiThe impact of the Russian aggression on inflation prospects and monetary policy's response

ContextClosing keynote address by Joachim Nagel, President of the Deutsche Bundesbank, at the International Economic Symposium co-hosted by the Deutsche Bundesbank and NABE, Eltville, 10 May 2022.

Why it mattersNagel argues that the invasion reverses decades of disinflationary forces.

Problems raised
  1. Russia's aggression pushes inflation up.
  2. Disinflationary forces are reversing.
  3. Labour supply shocks change.
Solutions proposed
  1. Respond with monetary tightening.
  2. Study structural inflation drivers.
  3. Keep inflation expectations anchored.
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· Joachim Nagel Wiki · Deutsche Bundesbank WikiSpeech to mark the inauguration of the new President of the Deutsche Bundesbank

ContextSpeech at the virtual ceremony marking the change of president at the Bundesbank; the Bundesbank is Germany's central bank within the euro system and faces rising inflation.

Why it mattersNagel takes office promising to safeguard price stability.

Problems raised
  1. Inflation uncertainty is high.
  2. Vulnerabilities build up.
  3. Interest rate risk exists.
Solutions proposed
  1. Adapt monetary policy to safeguard price stability.
  2. Monitor vulnerabilities.
  3. Lead the Bundesbank.
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