The Deutsche Bundesbank mourns the passing of its former President Dr hc mult Karl Otto Pöhl. He was the Bundesbank's Vice-President from 1977 to 1979 and President from 1980 to 1991. Karl Otto Pöhl passed away on 9 December 2014 at the age of 85.

He made a major contribution to modelling the European Central Bank (ECB) on the Bundesbank's independence and to the ECB's clear focus on the objective of price stability. This objective always guided his actions during his tenure as Bundesbank President.

"Karl Otto Pöhl demonstrated that, even in times of great monetary policy challenges, price stability and growth are not mutually exclusive but that, in fact, price stability is the basis for sustainable growth", said Bundesbank President Jens Weidmann. "In him, we have lost a highly acclaimed central banker to whom we in the European monetary union owe a great debt to this day. Our heartfelt condolences go to his family."