jens weidmann : global economic outlook – what is the best policy mix? speech by dr jens weidmann, president of the deutsche bundesbank, at the economic club of new york, new york, 23 april 2012. * 1. * * introduction ladies and gentlemen george bernard shaw is said to have made an interesting remark about apples – “ if you have an apple and i have an apple and we exchange these apples then you and i will still each have one apple. but if you have an idea and i have an idea and we exchange these ideas, then each of us will have two ideas. ” i think those words perfectly encapsulate the intention of the economic club of new york and of today ’ s event. ideas multiply when you share them and they become better when you discuss them. i am therefore pleased and honoured to be able to share some ideas with such a distinguished audience today. and i look forward to discussing them with you. in a long list of speakers, i am the third bundesbank president to speak at the economic club. the first was karl otto pohl in 1991, followed by hans tietmeyer in 1996. although only a few years have passed since then, the global economic landscape has completely transformed in the meantime – just think of the spread of globalisation, think of the introduction of the euro, think of the asian crisis or the dotcom bubble. all these events and others have constantly shaped and reshaped our world. most recently, we have experienced a crisis that, once again, will change the world as we know it – economically, politically and intellectually. it is this new unfolding landscape that provides the backdrop to my speech. i shall address two questions : “ where do we stand? ” and “ where do we go from here? ” of course, it is the second question that is the tricky one. in answering it, we should be aware that every small step we take now will determine where we stand in the future. specifically, i shall argue that measures to ward off immediate risks to the recovery are closely interconnected with efforts to overcome the causes of the crisis. they are interconnected much more closely and vitally than proponents of more forceful stabilisation efforts usually assume. but, first, let us see where we stand at the present juncture. 2. where do we stand? when we look back from where we are standing right now, we see a crisis that has left deep scars

jens weidmann : monetary union – ever a work in progress? the euro area torn between the maastricht framework and fiscal union speech by dr jens weidmann, president of the deutsche bundesbank and chairman of the board of directors of the bank for international settlements, at the 21st rwi ( leibniz - institut fur wirtschaftsforschung ) economic discussion, essen, 29 november 2017. * * * 1. introduction ladies and gentlemen many a joker in his time has answered the question “ how do i get to the philharmonic hall? ” with the punch line “ practice, practice, practice. " as my musical talent would certainly never have got me onto this stage, i am all the more grateful to you, mr schmidt, for the opportunity to talk here today about current monetary policy and the architecture of monetary union. i will be discussing what needs to be done to make monetary union stable, and what role monetary policy plays in this endeavour. 2. congratulations to wim kosters but first of all, i would like to say a few words about professor wim kosters, who is retiring today. it is a special honour to pay tribute to his long and successful career as an academic, an academic manager and a supporter of young talent. mr kosters, you have been a member of the rwi ’ s board of directors since 2003 in your function as an academic manager. it is partly down to you, then, that the rwi ranks among germany ’ s foremost economic research and policy consulting institutions. the leibniz association shared this view in its 2012 evaluation, hailing the work of five out of the rwi ’ s six research areas ratings as “ good ” to “ excellent ". first - rate research and problem - driven policy consulting calls for well - trained and motivated employees who are the brains and soul of any institution. but as we all know, that kind of talent doesn ’ t just spring up like mushrooms. hence the particular importance of nurturing up - andcoming talent – at the rwi, at the bundesbank and at the many other enterprises and institutions across germany. bearing that in mind, mr kosters, it is greatly to your credit that you have done so much for so many years to foster gifted students and doctorate candidates. you have been a member of the board of the cusanuswerk scholarship body ’ s gifted education foundation since 2008, as well as its chairman since 2011. incidentally,