What consequences does the remuneration of central bank reserves have for the profits of commercial banks and central banks? Economist Paul De Grauwe from the London School of Economics addressed this topic as part of a talk given at the Bundesbank. The subsequent panel discussion with De Grauwe and his co-author, Yuemei Ji, from University College London, as well as Bundesbank President Joachim Nagel and Karsten Stroborn, Director General Markets at the Bundesbank, sparked a controversial exchange of views on how a central bank should deal with these consequences.