in financial markets has certainly worsened : financial conditions are tightening, risk aversion has increased, and uncertainty is high. risks, particularly in commodity markets and related to cyber security, require close monitoring. geopolitical events, climate change, and digitalisation are intensifying the ongoing structural change in the real economy. an abrupt process of structural change may lead to losses in the real economy and write - downs of loans. structural change also places a burden on the financial sector, which has to accompany the real economy through the transition. what buffers against unexpected losses are available in the system? during the pandemic, significant fiscal and monetary support has played an important role in protecting the balance sheets of financial institutions. however, fiscal space is more limited than it was prior to the outbreak of the covid - 19 pandemic, given the increase in public debt that we have seen over the past years. in addition, monetary policy needs to address higher inflation and is in a process of normalisation. higher inflation puts pressure on central banks to raise interest rates to keep inflation expectations anchored. appropriate buffers thus need to be available within the financial system. this requires effective stress testing and a strong capital base – including by building up micro - and macroprudential buffers. additionally, to enhance the feasibility and credibility of resolution, the corresponding reforms should be implemented in full. 10 it is crucial that financial institutions with unviable business models can exit the market without jeopardising financial stability. closing the remaining gaps would help to fully reap the benefits of the resolution reforms. 3 / 4 bis central bankers'speeches overall, only a resilient, well - capitalised financial system can perform its functions and benefit the real economy and society alike. as we face a period of high uncertainty and accelerated structural change, this is more important than ever. 11 1 1. i would like to thank philip jamaldeen, michael richter, edgar vogel and matthias weiss for their most helpful contributions and comments on an earlier version of this text. all remaining errors are my own. 2 2. for all data related to the german real estate and household sectors see www. bundesbank. de / en / statistics / sets - of - indicators / system - of - indicators - for - the - german - residential - propertymarket / system - of - indicators - for - the - german - residential - property - market - 795268. for euro area house prices see sdw

joachim nagel : from the reichsbank to the bundesbank welcome address by dr 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. * * * check against delivery 1 welcome ladies and gentlemen, a very warm welcome to our press conference today, where we will be talking about the study " from the reichsbank to the bundesbank : people, generations and concepts between tradition, continuity and new beginnings ". the two gentlemen who led the research project, professor magnus brechtken and professor albrecht ritschl, will present their research findings to you in a moment. 2 study background the bundesbank commissioned research into the history of the reichsbank in its function as the central bank during the national socialist era. the researchers were also asked to explore continuities in terms of personnel after central bank institutions began anew in the post - war period. quite a few federal ministries and authorities have commissioned similar research projects in recent years. neither the bank deutscher lander, founded in 1948, nor the bundesbank, established in 1957, are legal successors to the reichsbank. nevertheless, the bundesbank is supporting and facilitating historical research on the reichsbank. we were privileged to engage professor magnus brechtken and professor albrecht ritschl for this project, both of whom are internationally renowned and experienced experts. under their leadership, a research team made up of ingo loose, marcel boldorf, christopher kopper, olga christodoulaki, ralf banken, christian marx, boris gehlen, rouven janneck and stefan gruner worked on eight sub - projects in total. the bundesbank encouraged this work, made it possible and provided organisational support. the project was launched in november 2017. it took longer than originally planned, particularly as a result of the covid - 19 pandemic. this is because the team of researchers had to postpone their work for a time because archives were closed and foreign travel was not permitted. now, though, the academic work has been completed and the findings are ready for publication. a full academic volume is scheduled for publication before the end of this year. and there are plans to publish monographs for each of the eight sub - projects by next