Bundesbank President Joachim Nagel has been made the recipient of a very special honour: the Karlsruhe Institute of Technology (KIT) and KIT Freundeskreis und Fördergesellschaft e. V. (KFG) have awarded him this year’s Heinrich Hertz Guest Professorship. 

Professor Oliver Kraft, representing KIT as acting President, delivered a welcome address at the official ceremony to mark the occasion. It is KIT’s goal and mission to prepare students to take on positions of responsibility in science, industry and society, he remarked. He went on to describe Joachim Nagel as standing for reliability and continuity – both in terms of who he is and in his professional career; as President of the Bundesbank he sets the course for monetary stability. He is a role model – and an alumnus of KIT, Professor Kraft stated, and praised his clear communication style that helps him to make complex issues understandable. 

Born in Karlsruhe, Mr Nagel graduated with a degree in economics from KIT in 1991. He then went on to complete his PhD there in 1997, after working as a research assistant at the university’s Institute of Economic Policy and Research.

Mr Nagel used his address marking the bestowal of the 2023 Heinrich Hertz Guest Professorship to examine the topic Europe and its euro – fit for the future?. His lecture covered four key aspects. Where do we stand after 25 years of the euro? What was the historical mission of the monetary union? What institutional reforms have taken place in the euro area and which ones are still outstanding? And what are the challenges facing Europe and the euro? In his speech, Mr Nagel stressed the importance of the single currency. He described a united Europe as a historic achievement to be deeply cherished by citizens. Sharing his thoughts on monetary union, he said it has so far worked well overall but explained that its long-term success hinges on continued support from policymakers. We need to set up our institutions so that they are flexible and have the capacity to act, the President of the Bundesbank argued. 

Award named in honour of Heinrich Hertz

The Heinrich Hertz Guest Professorship is conferred annually upon figures from the spheres of science, economics, culture or politics in recognition of the recipient’s achievements in research and contribution to society. The accolade was established in 1987 and commemorates the physicist Heinrich Hertz and his pioneering discoveries. Helmut Schlesinger was the first Bundesbank President to receive this award, exactly 30 years ago.