for these developments. it was staged in frankfurt – home of the bank deutscher lander – in 1952. this exhibition, which was very small but is still renowned to this day, also featured works by karl otto gotz, heinz kreutz and bernard schultze, the artists represented here. the bundesbank acquired such avant - garde works either from galleries or directly from the artist's studio. the managers responsible for the collection were up to date on current developments and maintained personal contacts with artists and gallery owners. the works of art purchased for the collection were presented to the central bank's staff in internal exhibitions, beginning in 1955. that year, 144 works by 39 artists were displayed. and staff were able to select pictures from this exhibition for their offices. it was not only avant - garde styles but also landscapes and still lifes which were represented at the exhibition. the idea was for there to be something for everyone. in subsequent decades and to this day, contemporary works have been regularly added to the bundesbank's art collection. after some seven decades, it provides an insight into developments in germany's art world since the 1950s. 2 / 3 bis - central bankers'speeches and it is presented in a variety of ways. in meeting rooms and offices as well as in the corridors of our buildings. to this day, staff can borrow works of art for their offices. this encourages employees and guests to discuss and debate art and society. art enthusiasts might also spot items from our collection when we loan pieces to museums. works from our collection are on display in the offices and rooms of the house of the euro in brussels. it is a joint representative office shared by the ecb and several euroarea central banks which was only recently inaugurated. last but not least, art tours and exhibitions, like this one here, are another way in which we display our collection. this is how we come into contact with the public. this is good for us, as central banks are often regarded as inaccessible and closed - off – even though most have been striving for openness and dialogue for years. the bundesbank's collection of modern and contemporary art is not, nor has it ever been, primarily about representation or about making rooms more beautiful. though, granted, this is a pleasing aspect. rather, the idea is to promote contemporary art and engagement with it. art challenges us and encourages discussion of our present and our society. 3 conclusion then, as now

, post - war and contemporary art require of their observers openness, willingness to embrace new ideas, and also tolerance. i believe that these are qualities that are needed more than ever in the workplace as well as in the political sphere in germany. may this exhibition make a contribution to this – and may this be followed by further inspirational joint projects by the center for european studies and the bundesbank. i now wish to thank all those who have made this exhibition possible. the concept that unites these two collections has been developed by grzegorz ekiert, laurence a. tisch professor of government, harvard university, jan kubasiewicz, professor of design at the massachusetts college of art and design and curator of the jacek e. giedroj gallery at the center for european studies iris cramer, curator in chief of our art collection. they received support from many, including gila naderi, director of communications at the center for european studies, albana shehaj, program manager of the center for european studies, anja hagebarth, assistant curator of the bundesbank's art collection, jens reich, bundesbank representative in new york. and now to all of you here, thank you for your attention. 3 / 3 bis - central bankers'speeches