joachim nagel : remarks at the " bell ringing ceremony " remarks by dr joachim nagel, president of the deutsche bundesbank, at the " bell ringing ceremony " to celebrate the european commission joining the european repo market at deutsche borse / eurex, frankfurt am main, 7 october 2024. * * * check against delivery ladies and gentlemen, it is a great pleasure to be here today to celebrate the european commission joining the european repo market at deutsche borse / eurex. this is a significant milestone, and i am happy to share this moment with all of you. the bundesbank will act as a general clearing member for the commission. having provided similar services to several other public entities for many years, the bundesbank brings experience to the table. with this robust track record, we are happy to provide our services to the commission. i can assure you that you are in good hands. eurex already supports a wide range of repo transactions and is a major player in europe's financial landscape. since 2021, the commission has been issuing bonds under the temporary nextgenerationeu programme, and this will continue until 2028. in total, bonds worth approximately €800 billion will ultimately be issued. the eu is therefore set to become an important player in the euro bond market for some time to come. the repo facility introduced today will significantly enhance liquidity in the secondary market for these bonds. ladies and gentlemen, today's event not only highlights the attractiveness of frankfurt as a financial hub, it also helps strengthen it further. this is particularly important as much investment will be needed in the areas of digitalisation and decarbonisation in the future. of course, bank loans will likely continue to play a vital role in financing these investments. but there is also substantial potential for more financing through capital markets. as many of you probably already know, i have long been an advocate of greater integration of european capital markets. i firmly believe that advancing the capital markets union is essential, particularly in the areas of securitisation, insolvency laws, and venture capital. a transparent and high - quality securitisation market would enable banks to transfer parts of their loan portfolios to the capital market. this would relieve their balance sheets and create scope for additional loans. an effective and harmonised insolvency regime would facilitate cross - border investment and the reallocation of scarce resources to innovative firms striving

axel a weber : what imbalances after the crisis? speech by professor axel a weber, president of the deutsche bundesbank, at the international symposium of the banque de france : regulation in the face of global imbalances, paris, 4 march 2011. * 1. * * introduction ladies and gentlemen, over the past several decades, the economies of the world have become increasingly integrated. with the removal of barriers to the worldwide flow of ideas, services, goods and capital, a global economy emerged. this has brought about a large increase in welfare and still harbours huge potential for further economic growth and prosperity. during the past years, growth in the world economy has become increasingly unbalanced, however. a visible expression of these imbalances are divergences in current account positions. although these imbalances were not the ultimate cause of the financial crisis, they did play a role in the build - up of unsustainable structures. this sparked public debate regarding the options to rebalance the world economy and secure sustainable long - term growth. let us first take a look at recent developments with regard to global imbalances and then discuss some policy options to address these imbalances. 2. global rebalancing : recent trends and perspectives over the past two and a half years we have witnessed a partial correction of current account imbalances which was mainly driven by external adjustments in deficit countries and by lower surpluses in commodity exporting countries. however, the imf forecasts a renewed divergence of current account positions. while the current account of the euro area as a whole will remain broadly in balance, future trends in global imbalances will be determined mainly by the united states on the deficit side and by emerging asia and oil - exporting countries on the surplus side. according to these forecasts, the current account deficit of the united states will increase slightly until 2015, while the chinese current account surplus is expected to increase more sharply. the medium - term outlook, however, is uncertain as the chinese government has outlined a new plan to raise domestic demand. current account surpluses in oil - exporting countries have not returned to pre - crisis levels, but given the recent hike in oil prices the surpluses might increase faster than initially expected. to sum up, current developments suggest that global imbalances will grow again and remain uncomfortably large over the coming years, albeit at below pre - crisis levels. thus, there is good reason to further discuss policy options