Nagel: Central bank independence – why it matters

Ladies and gentlemen, Welcome to this colloquium in honour of Otmar Issing’s 90th birthday! Dear Otmar Issing, congratulationson this remarkable milestone. Today is a beautiful day to celebrate your birthday here in Frankfurt. We are delighted to welcome you back to the Bundesbank, the place where your journey as a central banker began. Even though we are not exactly in Wilhelm-Epstein-Strasse right now. When you joined the Bundesbank in 1990, you came with a sharp mind and a firm belief: central banks should be independent. Not only did you advocate for this principle. You embedded it in the DNA of the Eurosystem. ...