Then in 2003, I had the honour of moving to Frankfurt to become President of this institution. It was a great personal satisfaction to join an institution that embodied my deep-seated beliefs in central bank independence, price stability and economic discipline.
Over this period I have developed a strong admiration for Germany and its people, and also for the way that Germany conducts its economic policies. The German economy has often been thought of as the engine of the European economy. But less than 10 years ago, Germany was seen by some observers as the “sick man of Europe”.