Otmar Emminger

Otmar Emminger ( born March 2, 1911 in Augsburg, † August 3, 1986 in Manila ) was a German economist and from 1 July 1977 until December 31, 1979 President of the Deutsche Bundesbank.


The son of a lawyer and politician Erich Emminger studied from 1928 to 1932 law and economics in Berlin, Munich, Edinburgh and the London School of Economics. In Berlin, he became a member of the Catholic Student Association Askania (now K.St.V. Askania Burgundia ), in Munich KSSt.V. Alemannia München, both in CT. After his first legal state exam in 1931, he became a clerk interrupted the legal training, however, to study in the UK and in 1934 to work as a research assistant in Berlin and from 1935 to 1936 at the German Institute for Economic Research. In December 1934 Emminger had already earned his doctorate at the Munich State economics faculty, 1936 was again clerk and lay, 1938, the Assessor exam from. The Nazi party he joined in 1937.

After military service and captivity he was 1945 employees of National Accounts Working Group 1947 Senior Government in Bavaria and the Bavarian Ministry of Economic Affairs. In 1949 he took over the economic department of the German delegation to the European Economic Council in Paris ( OEEC), today's OECD. The end of 1950, the Bank of German States asked him in Frankfurt / Main ( the predecessor institution of the German Bundesbank ) to contact their services. In the spring of 1951, he became head of the Department of Economics and Statistics.

From March 1953 to 1969 Emminger Member of the Executive Board was initially the Bank of German States, the German Federal Bank, from 1969 to 1977 he was its vice- president. On 1 July 1977 he was president of the German Bundesbank in 1979 as the successor to Karl Klasen to end.

From 1958 to 1977 he was Vice President and temporarily also Chairman of the Monetary Committee of the EEC (European Economic Community ).

Emminger sat down consistently for the stability of the DM, he fought against the massive dollar inflows from the United States ( "dollar glut" ) and insisted on a strict independence of the Bundesbank to the government. Your consent to the European Monetary System (EMS ) gave the Bundesbank only after they had pushed through a major change. This decision was not easy for Emminger, already in his dissertation, he had dealt with the introduction of flexible exchange rates, and later helped shape the parting of the exchange rates on the dollar standard itself.

Due to his rhetorical talent and his international experience Emminger was an influential representative of the Bundesbank. Because he entered consistently for the price stability of the DM and the independence of the Bundesbank, he was called abroad " Mister DM".

On June 30, 1977 Karl Klasen went ( half a year earlier than planned ) to retirement; He had been president of the Bundesbank since 1969. Emminger became his successor was on 31 December 1979 to retirement; and was succeeded by Karl Otto Poehl.

For his services Emminger received numerous awards including the Grand Cross of the Federal Order of Merit, the Grand Cross of the Bavarian Order of Merit, the Great Cross of Merit of the Federal Republic with Star and Sash, the Great Golden Medal for Services to the Republic of Austria, the Grand Cross of the Royal North Star Order of Sweden.

Emminger traveled in July 1986 on behalf of the Federal Government to Manila, where he wanted to put the President Corazon Aquino on its extensive monetary experience. There he died of heart failure.

Works (selection)

  • The English Currency experiments postwar currency devaluation and crisis overcoming dissertation Munich 1934
  • Stock of the revaluation of the DM (1970 )
  • Inflation and the International Monetary System ( 1973)
  • On the Way to a New International Monetary Order ( 1976)
  • Defense of DM pleas for stable money, Frankfurt am Main 1980
  • D-mark, dollar, currency crises. Memories of former Bundesbank President, German publishing house, Stuttgart 1986, ISBN 3-421-06333-8.