jens weidmann : speech marking the change in office of the president of the deutsche bundesbank speech by dr jens weidmann, former president of the deutsche bundesbank and chair of the board of directors of the bank for international settlements, to mark the change in office of the president of the deutsche bundesbank, frankfurt am main, 11 january 2022. * * * 1 introduction minister lindner, christine lagarde, joachim nagel, colleagues, ladies and gentlemen, how nice it is that you can be here today, and what a shame that the pandemic yet again prevents us from meeting in person. that said, virtual meetings have long since become part and parcel of our day - to - day lives. here, too, a great deal has evidently changed since my inauguration. back then, even the in - house livestream of the celebration merited an article in the newspaper. 2 change and continuity in my inaugural speech, i spoke with regard to the bundesbank about the “ continuity of values in an ever - changing environment ”. i deemed three elements to be indispensable : a culture of stability, competence and independence. 1 and that still holds true today. eleven years ago, the sovereign debt crisis was rocking the euro area, and the fallout from the financial crisis was by no means over. the euro area did ultimately overcome this crisis, and additional steps towards integration were taken. however, the question that preoccupied me time and time again during my tenure and which i addressed in many of my speeches still remains : namely, how can the monetary union develop further while continuing to be a union of stability? many see political and fiscal union as a goal, and indeed, this would certainly set a consistent framework for the single currency. however, enshrined in the european treaties is a decentralised framework with member states that are more or less wholly autonomous in political, fiscal and economic terms. there is a no - bail - out clause and a ban on the monetary financing of governments by the central bank. this regulatory framework is more crisis - prone than that of a federal polity because of the impact of national decisions on all other member states. in view of this, the many independent constituent parts must show consideration for the stability of the monetary union as a whole. and that is why sound government finances in the member states and a stable banking and financial system are even more important here than in a federal set - up. a fundamental change

short, you are bringing with you the skills needed at the helm of the bundesbank. you are, without doubt, the right person to take on the challenges facing the president of the bundesbank. i wish you and the bundesbank all the very best! thank you very much for your attention. 1 weidmann, j., ansprache zur offiziellen einfuhrung in das amt des bundesbankprasidenten, speech of 2 may 2011. 2 weidmann, j., crises as a catalyst for change – lessons from the past, challenges for the future, speech delivered on 19 november 2021. 3 schlesinger, h., eine europaische wahrung muß genauso stabil sein wie die d - mark, handelsblatt, 31 december 1991. 4 issing, o., central banks – independent or almighty?, safe policy letter no 92, november 2021. 4 / 5 bis central bankers'speeches 5 barro, r. j., a matter of demeanor, wall street journal, 20 may 1994. 5 / 5 bis central bankers'speeches