Claudia Buch: A changing economy - should policymakers act?

Speech by Prof Claudia Buch, Vice-President of the Deutsche Bundesbank, at the New Year's reception of the Cologne Chamber of Industry and Commerce, Cologne, 9 January 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Dr Görg,

ladies and gentlemen,

Thank you for your kind welcome and for inviting me to Cologne.

It gives me great pleasure to be able to speak to you today - and the subject of my speech, entitled "A changing economy - should policymakers act?" couldn't be better suited to Cologne. Cologne has been in a constant state of change throughout history, and has reinvented itself time and again.

As a former Hanseatic City and an important trade fair location, Cologne represents cosmopolitanism and integration.

However, it is also renowned for education - the University of Cologne is among the most prestigious educational establishments in Germany, not least in the field of economics.

Last but not least, Cologne is characterised by its successful economic transition. Barely any other city has so fully mastered the shift towards service provision and the media industry - it isn't just the WDR public broadcasting institution and the RTL television channel that make Cologne a key media hub today.