Paul Kirchhof

The ECB’s negative interest rate policy, which has been in place for years, is hitting savers and banks alike: Year after year, savers’ property is diminishing – there has long been no question of interest as a source of income. Now, inflation is climbing above 5% for the first time in around 30 years, lowering real incomes and driving household debt even higher.

Paul Kirchhof has a clear mandate for policymakers: finally end the negative interest rate phase! He calls for a U-turn in order to secure the stability of money, and in his lecture he shows the mechanisms and lasting consequences of zero and negative interest rates.

Prof. Dr. Paul Kirchhof was a judge of the Federal Constitutional Court for over 12 years. He teaches public law at the University of Heidelberg, was previously director of the Institute for Finance and Tax Law there, and has played a decisive role in shaping the public debate on Germany’s tax and fiscal policy for decades.

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