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Guest contributions by the members of the Executive Board

Here you find guest contributions by the members of the Executive Board to national and international newspapers.

Cunning smoke screen

Guest article by Dr Jens Weidmann in the Süddeutsche Zeitung on 2014-06-24.
The deceptive calm on the financial markets harbours the danger that we may already be forgetting what the crisis only recently taught us about public finances. That would have fatal consequences. Doubts over the sustainability of public finances can unleash massive shocks across the euro area, as became painfully clear during the financial crisis.

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A Missing Tool Against "Too Big to Fail"

Guest article by Jon Cunliffe and Dr Andreas Dombret in the Wall Street Journal published on 2 June 2014.
There is no simple, easy way to cure the problem revealed by the crisis: The financial giants at the heart of the global financial system were so large that they were too big to fail. However, in a functioning market economy every financial institution, regardless of its size and complexity, must be able to exit the market without putting the financial system and broader economy at risk.

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"Financial stability needs both a seatbelt and an airbag"

Guest article by Dr Andreas Dombret in the Handelsblatt newspaper published on 10 April 2014.
If the financial crisis has taught us one thing, it is that it takes just one distressed bank to potentially bring down other institutions and inflict damage on the entire financial system. So if we are to prevent distress in the financial system, we will need to make the individual banks more resilient. And first and foremost, this means increasing their capital. The higher a bank’s capital buffer, the more effectively it can cushion losses, and the less likely the prospect of it encountering problems that might threaten its very existence.

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The German housing market in the low-interest-rate environment

Guest article by Dr Andreas Dombret in "Immobilien & Finanzierung" published January 2014.
Prices for new apartments in German large towns and cities rose by 25% between 2009 and 2012. In addition to the favourable economic situation, this development undoubtedly owes much to the, at present, very low interest rates, which make an investment in residential property appear more attractive than other asset classes. Moreover, buyers who are primarily seeking a home for self-use have been taking advantage of the cheap financing available.

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The consequences of an ineffective money market

Guest contribution by Dr Joachim Nagel to Revue d’économie financière, no 111, published September 2013.
The financial and sovereign debt crisis has had a lasting impact on the euro money market. A lack of confidence among market participants and pronounced uncertainty have led to segmentation and are seen as impediments to the effective allocation of liquidity. Assessing an ineffective money market and its possible consequences, however, is likely to require more information than is currently available.

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The European sovereign debt crisis – Evaluating solutions

Guest contribution by Andreas Dombret for a special IMF annual meetings issue of the "Emerging Markets" magazine
To solve the European sovereign debt crisis it is necessary to look beyond the immediate effects of proposed solutions. Since European Monetary Union is a highly interdependent system, any solution must not only remedy the problem at hand but also improve the working of the system as a whole. Unfortunately, many of the proposed solutions fall short of this requirement.

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Breaking the sovereign-banking nexus

Guest contribution by Dr Jens Weidmann in the Financial Times on 2013-10-01

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Review of the summit: shadow banking and more

Guest contribution by Dr Andreas Dombret published in the Süddeutsche Zeitung on 2013-09-16.
At their summit in St Petersburg, the G20 countries agreed on an action plan for better supervision and regulation of the shadow banking system. That is good news, as it means that in future we will be better able to counter the risks emanating from this area of the financial system.

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I spent the entire night before the Lehman Brothers’ collapse in the office

Guest contribution by Sabine Lautenschläger in the Frankfurter Allgemeine Sonntagszeitung newspaper on 2013-09-15.
It was still very early on that Monday morning: around 5 am, we were informed of the collapse of Lehman Brothers via a conference call with the US supervisory authorities. Back then, I had not yet joined the Bundesbank and was still Chief Executive Director of Banking Supervision of BaFin (Federal Financial Supervisory Authority). I had not slept, as I had worked through the night at BaFin.

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I googled bank insolvency, but the web wasn’t ready for the question

Guest contribution by Dr Andreas Dombret in the Frankfurter Allgemeine Sonntagszeitung newspaper on 2013-09-15.
The weekend Lehman Brothers failed, I wasn’t in the eye of the storm in New York, but in Germany. Back then, I was head of Bank of America’s subsidiary in Germany. I was notified of the insolvency in an e-mail from the United States. Everybody already knew that US banks were in big trouble: their share prices were falling, volatility had reached extraordinary levels and prices for credit default swaps had increased. There was no question about it. Something was going to happen.

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We knew there were major problems ahead

Guest contribution by Dr Jens Weidmann in the Handelsblatt newspaper on 2013-09-09.
I can remember as clear as day the weekend before Lehman Brothers went under.

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