Dombret: "Trust constantly has to be earned anew"
Bundesbank Executive Board member Andreas Dombret highlighted the Bank's regional ties at a celebratory event to mark the Bundesbank's 60th anniversary at the Regional Office in Rhineland-Palatinate and Saarland. Addressing around 100 invited guests from politics, business and society, Mr Dombret said that national authorities serve as a stability anchor in times of Europeanisation and internationalisation.
"We must, and indeed want to, stand our ground, not only at the national but also at the regional level – engaging the local people directly", he emphasised.
Bernd Kaltenhäuser, President of the Bundesbank's Regional Office in Rhineland-Palatinate and Saarland, welcomed the guests. The Prime Minister of Rhineland-Palatinate, Malu Dreyer, outlined the Bundesbank's history in her speech and emphasised the Bank's importance for both the country as a whole and her own federal state. Further guests included the Minister of Justice in Rhineland-Palatinate, Herbert Mertin, the President of the Landtag, Hendrik Hering, the President of the Constitutional Court of Rhineland-Palatinate, Lars Brocker, and the new Auxiliary Bishop of Mainz, Udo Bentz.
Focus on price stability
In his speech, Mr Dombret looked back on the history of the German central bank and pointed out that the European Central Bank (ECB) has followed the Bundesbank's model in three key respects, namely the federal structure, the central bank's independence and the focus on price stability.
"These foundations of the Bundesbank have become the foundations of the European Monetary System," Mr Dombret noted, adding that this structure has contributed to the stability of the euro.
"The stable currency is and remains the greatest success of the Eurosystem," he remarked.
In addition to its role in helping formulate monetary policy, banking supervision, cash supply and electronic payments are the main tasks of the Bundesbank, Mr Dombret told the audience; moreover, the Bundesbank is represented in a European network consisting of the ECB and national central banks.
Mr Dombret went on to say that 60 years after it was founded, the Bundesbank is still an institution many Germans trust. Trust constantly has to be earned anew, however, he cautioned.
"We are aware of our task and responsibility and are working to earn this trust for the next 60 years, too," Mr Dombret concluded.