Introduction Ladies and gentlemen I bid you all a warm welcome here today at the Bundesbank Policy Symposium entitled "Frontiers in Central Banking – Past, Present and Future". Conferences like this one feed off the knowledge and experiences of their participants. And that’s why I’m proud that so many high-ranking academics and policymakers have accepted our invitation to be here today.
Interest income of pensioners The seventh and last point is the fact that the zero interest rate policy is having a negative effect on economic agents who largely depend on interest income, such as pensioners.