Joachim Nagel: Keynote speech - 10th anniversary of European DataWarehouse

Keynote speech by Dr Joachim Nagel, President of the Deutsche Bundesbank, at the 10th anniversary of European DataWarehouse, Frankfurt am Main, 14 November 2022.

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

1 Introduction

Ladies and gentlemen,
Dr. Thun, Prof. González-Paramo,

It is a great pleasure for me to be here today and speak at this wonderful event celebrating the 10th anniversary of European DataWarehouse.

The joint success achieved over these ten years is clear: the European markets for asset-backed securities regained trust and confidence of investors. Kenneth Arrow, the outstanding American economist and Nobel laureate, once wrote: "Virtually every commercial transaction has [-] an element of trust."

More than a decade ago, we were faced with the very real possibility of observing what happens when economic trust is lost: the Global Financial Crisis. For my part, I was more than just an observer at that time. As the financial crisis broke out, I was Director General Markets at the Deutsche Bundesbank. I also headed the Bundesbank's financial crisis management team until 2016. In these positions, I had the opportunity to follow the dynamics of the crisis in close detail. As you know, the markets for asset-backed securities were at the core of the financial crisis.