conditions on current and future inflation. bis central bankers ’ speeches so what have you learned so far? our own experience with a negative deposit rate was more favourable than we initially thought. we then went to minus 0. 20. since then we also have the experience of smaller countries which cut the rates to even more negative levels. we also reopened the discussion on the zero lower bound. there is no decision which has been taken but it is true that, given the experience that we have seen, we thought in the governing council that there was the case to re - discuss the lower bound. have you looked at what other central banks have done? yes but one needs to be very careful when looking at the experience of other countries. each central bank works in a different environment, what you see in a small open economy is not necessarily applicable in a larger zone. could the euro area tolerate minus 0. 75 percent, like, for example switzerland? in terms of level, i wouldn ’ t have any judgement in terms of ‘ they can do it so we can do it ’, that would be too simplistic. you have to look at the specificities of each one. what ’ s your thinking on how to avoid the so - called ‘ cliff effect ’ if qe were to come to a sudden end? we are very well aware of that. i think at some point we will have to clarify, what happens after september 2016 and what happens with what comes to maturity. quite a lot of securities come into maturity into the early years after september ‘ 16, this is something the governing council at some point will have to decide and communicate. some people say the ecb is dominated by the financial sector. i strongly disagree with that, it ’ s more the opposite. since we implemented our forward guidance we have been signalling more of our reaction function. when we talk about our ability and willingness to act under a number of conditions, of course markets incorporate that. what ’ s your view on the need for further monetary policy action now? there will be different views as usual in the governing council, there will be a very good dialogue on the economic assessment. you cannot prejudge at this time the decision on what combination of measures to take or not to take. the staff has also been tasked to look at the impact of all measures on financial conditions, on the economy and on inflation. the governing council will discuss whether there is a case for further action in the context of heightened uncertainty. this

as chancellor was grounded in your values. your moral compass guided you even at times when there was not – yet – a majority in favour of your decisions. your fixed points were freedom and democracy, the good of the german people and the strength of the european union. there was no place for hyperbolic ideologies. your experience growing up in a dictatorship, surrounded by a wall, also meant that you did not turn a blind eye to the suffering and hardship of others. this was on display most clearly when we saw hundreds of thousands of people fleeing war and poverty in the summer of 2015. others built fences and closed their borders, but you kept your country's borders open. you welcomed those who were looking for refuge. though you earned a lot of praise around the world for that decision, you were harshly criticised at home. but you did not waver. you stood by your decision – because it was the right thing to do. as the nobel laureate heinrich boll – who was born here in cologne – wrote : " freedom is not a gift, it is something that is earned. " your actions gave those people a chance to find freedom where you had found it so many years before. 4 / 5 bis - central bankers'speeches you were often underestimated because you were a woman or because you came from east germany. you were often the outsider who nobody could quite place. but instead of being upset or angry about this, you used it to your advantage – against your opponents, and in favour of the many millions who have benefited from your compassion and conviction. conclusion let me conclude. as germany's first female chancellor, you steered your country and europe through a series of crises : the great financial crisis, the european debt crisis, the refugee crisis and the coronavirus pandemic. and especially after the pandemic, amid a global trend towards fragmentation, it has become clear that we need europe more than ever to pool our strengths and to make up for our weaknesses. you were the antidote to the emerging populist movements that feed on fake news and false narratives, polarising our societies. you stood for unity while others sowed division. throughout your career you were driven by a deep respect for the precious gifts of democracy and freedom. in keeping with that, you stepped down voluntarily when you felt that it was time to move on. the people of germany and europe can be proud to have had such a principled leader, who worked day and night to