Otmar Issing

Otmar Issing ( born March 27, 1936 in Würzburg ) is a German economist. As a former chief economist and former Board member of the European Central Bank ( ECB) Issing was instrumental in 1998 in the design of the ECB's monetary policy strategy. He is considered one of the leading exponents of the theory of monetarism in the direction of Germany.

Curriculum vitae

The son of an innkeeper began after graduating from high school in Würzburg on Riemenschneider High School in 1954, first studying classical philology at the University of Würzburg, 1955, he moved to economics. After a semester abroad in London and Paris he laid in 1960 at the University of Würzburg from the exam and obtained a master 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 habilitated with the work of key currency and international economic order and received the venia legendi of 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 moved to the chair of economics, money, and international economic relations at the University of Würzburg. In 1983 he was offered a professorship at the University of Konstanz, however, rejected this from. Other teaching and research stays have taken him at the Philipps- University of Marburg, the University of Michigan in Ann Arbor and the International Monetary Fund in Washington, DC

1987 to 1990 he was a member of Kronberger Kreis, the scientific advisory board of the liberal economic think tank Foundation market economy.

From 1988 to 1990 he was a member of the Advisory Council on the Assessment of economic development. However, from this body he left in September 1990, when he was appointed to the Executive Board of the Deutsche Bundesbank, where he assumed the position of chief economist.

From 1 June 1998, he was one of six members of the Executive Board of the European Central Bank ( responsible for Directorates General research and industry ) as well as the chief economist of the ECB. In addition to the President, Wim Duisenberg, he was appointed as the sole for maximum term of eight years, the appointment of the other Board members, however, was staggered once ( 4-7 years). Otmar Issing retired in May 2006 as scheduled out of the Executive Board of the ECB.

He is since 1 January 2007 " international advisor " of the U.S. 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 an expert group to develop proposals for reforming the international financial markets on behalf of the federal government. Your sixth and final report, the Commission " New Financial Architecture " of the federal government handed over in November 2011 in advance of the G20 summit in Cannes.

Otmar Issing is a member of the Board of Trustees of the Friedrich- August-von - Hayek -Stiftung, and a member of the Friedrich A. von Hayek Society.

Awards and prizes

  • Since 1991 Honorary Professor at the University of Würzburg
  • 1996 Honorary Doctorate of the University of Bayreuth
  • 1998 honorary doctorate from the University of Konstanz ( Department of Economics )
  • 1999 honorary doctorate from the Goethe University, Frankfurt am Main
  • 2003 International Prize of the Friedrich- August-von - Hayek -Stiftung
  • 2004 Bernhard Harms Medal of the Institute for the World Economy Kiel
  • 2005 Prof. Hans -Möller Medal from the University of Munich
  • 2006 Ludwig Erhard Prize at the Ludwig Erhard Foundation
  • 2006 Grand Officer of the Order of Merit of the Grand Duchy of Luxembourg
  • 2006 Great Cross of Merit of the Federal Republic of Germany
  • 2007 Honorary Professor at the Goethe University, Frankfurt am Main

Publications

The scientific publications of Otmar Issing cover nearly the entire range of current economic policy issues.

The two main focal points are the areas of monetary theory and policy and international economic relations. Furthermore, Otmar Issing has paid to the history of dogma of political economy and has consistently exceeded the limits of their own discipline, as the publications show the topic of money and ethics.

  • Otmar Issing (1964 ), Monetary problems of economic policy in the EEC (dissertation), Berlin: Duncker & Humblot
  • Otmar Issing (1965 ), reserve currency and international monetary system ( Habilitation ), Berlin: Duncker & Humblot
  • Otmar Issing (1974 ), Introduction to the theory of money, Munich: Vahlen, 14th edition 2006, ISBN 978-3-8006-3366-1
  • Otmar Issing (1981 ), Introduction to monetary policy, Munich: Vahlen, 6th edition 1996, ISBN 3-800-62098-7
  • Otmar Issing (ed., 1984), History of Political Economy, Munich: Vahlen, 4th Edition 2002, ISBN 3- 800-62804 -X
  • Erwin Dichtl, Otmar Issing (ed., 1987), Vahlens great economic lexicon, Munich: Vahlen, 2nd edition 1994, ISBN 3- 800-61698 -X
  • Helmut Hesse, Otmar Issing (ed., 1994), money and morality, Munich: Vahlen, ISBN 3- 8006-1832 -X
  • 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 (2008), The Euro. Birth - Success - Future, Munich: Vahlen, ISBN 978-3-8006-3496-5
  • Otmar Issing, Andreas Scholz (2012), How do we save the euro and strengthen Europe: Prof. Otmar Issing in conversation with Andreas Scholz, Kulmbach: Financial Publishing, ISBN 978-3-86470-079-8

Otmar Issing was together with Erwin Dichtl 1972 founder and (until 1990 ), co-editor of Economic Sciences degree, Journal of Education and Higher Education contact ( WiSt ).

Positions

Issing criticized in several interviews that contracts and agreements that were closed at the beginning of the monetary union, the EU Member States, while the sovereign debt crisis were injured. In particular, he warned not to violate the no-bailout clause, which prohibits governments are liable for the debts of other countries. Issing, the ECB also criticized vehemently for it to buy up government bonds of countries in crisis. He said, moreover, are against the establishment of a European banking supervision at the ECB.

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