Let me therefore start with a brief look back at the recent history of central banking as a starting point for highlighting some aspects of the challenges that will face us in future.
In the middle of the 20th century, after the end of the Second World War, Germany - perhaps more than any other country - was searching for a new economic policy paradigm that would mark out a course for the future. At that time, a decision was made (at least in the western part of Germany) in favour of implementing free market principles.