Talk Between Moritz Schularick and Joachim Nagel: The Role of the Central Bank During Financial Crises


4.30 pm CET


ProjektZentrum Berlin, First Floor, Neue Promenade 6, 10178 Berlin



Taboo in the textbooks, now commonplace in practice: when banks and financial markets are in crisis, central banks have become saviours of last resort. But when is such a rescue necessary and when is it not? And doesn’t constant rescuing lead to recklessness on the part of those involved? We have invited Bundesbank President Joachim Nagel and the head of the Kiel Institute for the World Economy, Moritz Schularick, to discuss these issues: on January 30, 2024 at 4:30 pm (CET), followed by a reception. Marlies Uken (ZEIT Online) will moderate the talk.


In a comprehensive historical analysis spanning 400 years, Moritz Schularick has shown that central banks cannot avoid intervening. However, the analysis also suggests that moral hazard arises when banks get lulled into a sense of security and take on too much risk. So what should we do as the next crisis approaches? And what lessons can a practitioner like the Bundesbank President learn from experience?


The event will be held in German. Admission only after prior registration. We look forward to your participation!


The event takes place in cooperation with Stiftung Mercator.

Joachim Nagel

has been President of the Deutsche Bundesbank since January 2022. He already held senior positions at the bank between 1999 and 2016, and has been a member of the Executive Board responsible for Markets, Controlling and IT since 2010. From 2016 to 2020, he was a member of the Executive Board of the KfW Banking Group, among others. In 2020, he moved to the Bank for International Settlements (BIS) as Deputy Head of Banking. Nagel studied economics at the University of Karlsruhe, where he received his doctorate in 1997. He is also a member of the ECB Governing Council, Governor of the IMF and a member of the BIS Board of Directors.

Moritz Schularick

Moritz Schularick has been President of the Kiel Institute for the World Economy and Professor of Economics at Sciences Po University (Paris) since June 2023. His research interests include financial markets and asset prices, questions of monetary macroeconomics and the causes of financial crises and economic inequality. Prior to his appointment in Kiel, Moritz Schularick was Professor of Macroeconomics at the University of Bonn and Director of the MacroFinance Lab there.