Jens Weidmann: Welcome address for David Malpass, President of the World Bank Group

Speech by Dr Jens Weidmann, President of the Deutsche Bundesbank and Chair of the Board of Directors of the Bank for International Settlements, at the Frankfurt School of Finance & Management, virtual, 5 October 2020.

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

Central bank speech  | 
05 October 2020

1 Introduction

Ladies and gentlemen,

It is a great pleasure and honour for me to be joining you today.

"As everyone here knows, addressing inequalities and realizing an inclusive and sustainable world requires jobs, education, healthcare, attention to the environment, and robust commerce - trade among neighbors and nations." This wise statement was made not recently, but more than a year ago now, by the President of the World Bank Group, David Malpass.

Given the present crisis, however, these words sound very current and pressing indeed. A few months ago, millions of people lost their jobs, international supply chains were broken, children were unable to go to school, and health systems were at breaking point. And worst of all, many people have died. The World Bank's Chief Economist, Carmen Reinhart, summarised the economic fallout by saying, "Even by the standards of systemic crises, this is a once in a century, global - truly global - crisis."

2 Germany: economic crisis and recovery