During the interwar years, for instance, central banks in the major economies were “prisoners” of their own economic orthodoxies and so made mistake after mistake. My institution, too, was dogmatic in believing in the benefits of the gold standard, even in the face of the huge losses due to the devaluation of the British pound.
I am also particularly delighted that, for the first time in the history of the Cultural Days, the City of Frankfurt has made it possible for us to hold an event at the Frankfurter Paulskirche and so, on 30 October, the brass and string ensemble of the Royal Concertgebouw Orchestra will perform at this prestigious and venerable venue.