Jens Weidmann: Independent, stability-oriented central banks are the main anchor of confidence Opening speech by Dr Jens Weidmann, President of the Deutsche Bundesbank, at the Deutsche Bundesbank’s second cash symposium, Frankfurt am Main, 19 May 2014. * 1.
*  *  Introduction: unbacked currencies need anchor of confidence  Ladies and gentlemen, the Austrian poet Johann Nepomuk Nestroy is once said to have wittily remarked: “The Phoenicians invented money – but why so little?” I cannot guarantee that we will have come up with an answer to this question by the end of the day.