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President of the Deutsche Bundesbank, Jens Weidmann speaks at HEC Paris28 February 2013
HEC Paris was honored to welcome Jens Weidmann, President of the Deutsche Bundesbank and Member of the Governing Council of the European Central Bank, who visited the campus to hold a conference for HEC Paris students on ‘Fiscal and Monetary Policy – Dancing too Close? ’.
At the end of the conference, Bernard Ramanantsoa, Dean of HEC Paris, awarded Jens Weidmann the HEC Paris Honorary Degree, making him the third German citizen to receive the degree after Helmut Kohl and Helmut Schmidt. Jean-Paul Vermès, First Vice-President of the CCI Paris Ile-de-France explained that: “This honorary degree is given to exceptional personalities who have made essential contributions to their specific field or society in general.” Mr. Ramanantsoa said “It is an honor for HEC Paris to welcome Jens Weidmann and to award him the HEC honorary degree. Dr. Weidmann is part of this exclusive category of bankers who hold a very special responsibility in the stability of our money, and therefore our economy. The younger generation could only benefit from gaining greater understanding of the two institutions he represents.”
This year celebrating the 50th anniversary of the Elysée Treaty of Friendship, both Dean Ramanantsoa and Dr. Weidmann insisted on the importance of the ever greater friendship between the two countries. Dr. Weidmann insisted: “Only together can France and Germany act as the driving forces of European integration, and only together can France and Germany help to solve the current crisis.”
The students had the privilege of hearing Dr. Weidmann speak about the diagnostics of the sovereign debt crisis that was born as a crisis of confidence. He also expressed his views on how best to consolidate the European Union’s monetary policy. “Central banks must focus on price stability, must remain independent, and must not become too closely intertwined with fiscal policy,” he said. Weidmann explored some solutions of how to resolve the EU crisis through consolidation strategy, structural reforms and competitiveness. He underlined that while consolidation is likely to have a short-term dampening effect on growth, there are no alternatives to it, and that in the long term it is “crucial” for growth.
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