Otmar Issing

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Otmar Issing (born March 27, 1936 in Würzburg ) is a German economist and president of the Center for Financial Studies . In addition, he is chairman of the board of trustees of the Gesellschaft für Kapitalmarktforschung eV and the House of Finance at Goethe University Frankfurt . As a former chief economist and former board member of the European Central Bank (ECB), Issing played a key role in drafting the ECB's monetary policy strategy in 1998 . He is considered to be one of the leading exponents of the theory of monetarism in Germany.

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After graduating from high school in Würzburg at the Riemenschneider-Gymnasium in 1954, the son of an innkeeper first began studying classical philology at the University of Würzburg , and in 1955 he switched to economics . After semesters abroad in London and Paris , he passed his exams at the University of Würzburg in 1960 and obtained a degree in economics. From 1960 to 1966 he worked as a research assistant at the University of Würzburg. In 1961 he completed his dissertation on monetary problems of economic policy in the EEC , in 1965 he completed his habilitation with the thesis on key currency and international economic order and obtained the Venia legendi for economics.

He is married and has two children.

Functions and memberships

In 1967 he was appointed director of the Institute for International Economic Relations at the University of Erlangen-Nuremberg . In 1973 he changed to the chair for economics, money and international economic relations at the University of Würzburg. In 1983 he was offered a position at the University of Konstanz , but turned it down. Further teaching and research stays led him to a. to the Philipps University of Marburg , the University of Michigan in Ann Arbor and the International Monetary Fund in Washington, DC

From 1987 to 1990 he was a member of the Kronberger Kreis , the scientific advisory board of the liberal business think tank Stiftung Marktwirtschaft .

From 1988 to 1990 he was a member of the Advisory Council for the assessment of macroeconomic development . However, he left this body in September 1990 when he was appointed to the board of directors of the Deutsche Bundesbank, where he took over the position of chief economist until 1998.

From 1998 to 2006 Issing was one of six members of the Executive Board of the European Central Bank (responsible for the Directorates-General Research and Economy ) and the Chief Economist of the ECB. In addition to the President Wim Duisenberg , he was the only one appointed for the maximum possible term of eight years, the other members of the Board of Directors were appointed on a one-off basis (4–7 years). Otmar Issing resigned from the Executive Board of the ECB in May 2006.

From 2007 to 2018 he was "International Advisor" of the US investment bank Goldman Sachs and since June 2006 President of the Center for Financial Studies (CFS) at the University of Frankfurt . In October 2008, Issing took over the chairmanship of a group of experts commissioned by the German government to develop proposals for reforming the international financial markets. The “New Financial Market Architecture” commission presented its sixth and last report to the German government in November 2011 in the run-up to the G20 summit in Cannes. He was also a member of the G20 Eminent Persons Group for Global Financial Governance, which was set up by the G20 finance ministers and central bank governors for the period 2017-2018.

Memberships: Verein für Socialpolitik, American Economic Association, full member of the Academy of Sciences and Literature (1989–1991 corresponding member), Academia Scientiarum et Artium Europaea, Walter Eucken Institut, Leadership Institute for European Affairs (INEA), Euro50 Group, Council for the Future of Europe (Nicolas Berggruen Institute), Advisory Board of Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas (until 2016), International Advisory Council, Bocconi University, Milan (until 2015).

Positions

In several interviews, Issing criticized the fact that contracts and agreements that the EU member states had concluded at the beginning of monetary union were violated during the sovereign debt crisis. In particular, he warned against violating the no-bailout clause, which prohibits governments from being liable for other countries' debts.

Honourings and prices

Publications

The two main focuses of his academic publications are the areas of monetary theory and policy as well as international economic relations . Furthermore, Otmar Issing has also devoted himself to the dogma history of political economy.

  • Otmar Issing (1964), Monetary Problems of Economic Policy in the EEC (Dissertation), Berlin: Duncker & Humblot
  • Otmar Issing (1965), Key Currency and International Monetary System (Habilitation), Berlin: Duncker & Humblot
  • Otmar Issing (1974), Introduction to Monetary Theory , Munich: Vahlen, 15th edition 2011, ISBN 978-3-8006-3810-9
  • Otmar Issing (1981), Introduction to Monetary Policy , Munich: Vahlen, 6th edition 1996, ISBN 3-8006-2098-7
  • Otmar Issing (Ed., 1984), Geschichte der Nationalökonomie , Munich: Vahlen, 4th edition 2002, ISBN 3-8006-2804-X
  • Erwin Dichtl , Otmar Issing (eds., 1987), Vahlens Großes Wirtschaftslexikon , Munich: Vahlen, 2nd edition 1994, ISBN 3-8006-1698-X
  • Helmut Hesse , Otmar Issing (eds., 1994), Geld und Moral , Munich: Vahlen, ISBN 3-8006-1832-X
  • Otmar Issing (1996), Introduction to Monetary Policy , Munich: Vahlen, ISBN 978-3-8006-2098-2
  • Otmar Issing (1998), From the D-Mark to the Euro , Tübingen: Mohr Siebeck, ISBN 978-3-16-146921-3
  • Otmar Issing (1999), Stable Money - Foundation of the Social Market Economy , speech
  • Otmar Issing, Vitor Gaspar, Ignazio Angeloni, Oreste Tristani (2001), Monetary Policy in the Euro Area , Cambridge University Press, ISBN 0-521-78888-9
  • Otmar Issing, Vitor Gaspar, Oreste Tristani, David Vestin (2005), Imperfect knowledge and Monetary Policy , Cambridge University Press
  • Otmar Issing (2008), The Euro. Birth - Success - Future , Munich: Vahlen, ISBN 978-3-8006-3496-5
  • Otmar Issing, Andreas Scholz (2012), How we will save the euro and strengthen Europe: Prof. Otmar Issing in conversation with Andreas Scholz , Kulmbach: Börsenbuchverlag, ISBN 978-3-86470-079-8
  • Otmar Issing (2016), The Euro in Stormy Times , Munich: Vahlen, ISBN 978-3-8006-5256-3

Otmar Issing was together with Erwin Dichtl 1972 founder and (until 1990) co-editor of economics studies, magazine for training and university contact (WiSt).

Web links

Individual evidence

  1. ^ Gustav Stolper Prize, list of award winners . Website of the Verein für Socialpolitik . Retrieved October 24, 2019.
personal data
SURNAME Issing, Otmar
BRIEF DESCRIPTION German economist
DATE OF BIRTH March 27, 1936
PLACE OF BIRTH Wurzburg