Joachim Nagel: The current economic situation Welcome words by Dr Joachim Nagel, President of the Deutsche Bundesbank, at a Club evening of the International Club of Frankfurt Economic Journalists, Frankfurt am Main, 21 November 2022. ***  1 Words of welcome Ms Schreiber, Many thanks for your kind invitation and warm introduction.
It is exactly the accomplishment of that objective which creates sufficient leeway for the automatic stabilisers to fulfill their role without endangering the budget-deficit ceiling of 3% of GDP, even under economically difficult circumstances.