Remembering the late Karl Otto Pohl: President of the Bundesbank, 1980-1991.

My acquaintance with Karl Otto Pohl goes back to the first months of 1980, when we both were heads of our respective central banks. Today I mourn the competent man guided by solid principles, and the loyal colleague. Frequent contacts, common concerns, and shared views contributed to shape a valuable, mutual understanding.

Among the two of us he was the "Latino." He did not neglect any opportunity to note some Teutonic rigidity of mine, amusingly asking himself whether it was due to some distant German ancestor or to the influence of my stay in Leipzig where I studied philology.

A mutual sympathy brought about a sincere friendship that sometimes induced us to plan relieving pauses at the end of our commitments. I remember a visit to Venice, when, due to the failed performance of our boat, we ended up, our wives included, abundantly drenched. The incident threw the crew into consternation. Pohl, amused by the unexpected event, softened their dismay and my irritation. A contagious better mood ensued, and we all laughed loudly while looking at our battered wet clothes. That good spirit continued, as if we were students on a trip, during a very tasty dinner.

--Carlo Azeglio Ciampi

Former Governor of the Bank of Italy and former Prime Minister and President of Italy

One day, we were having lunch together (probably in 1989 during the months of the "Delors Committee"). Pohl said to me, "Jacques, have you realized that we both said, on some occasion in the mid1970s (I think it was a G5 communique) something to the effect that 'Inflation was the worst enemy of economic growth'?" He went on, "Fifteen years later, we are still repeating this." He then asked me with his inimitable smile, "Are we just repeating the obvious or are we expressing one of the most important economic truths?" For a second I looked perplexed. He then jumped in and said, "It's the latter, of course!"

--Jacques de Larosiere

Former Governor, Bank of France

In June 1990, the president of the Bundesbank, Karl Otto Pohl, invited me to come to Frankfurt for a bilateral discussion on monetary policy issues. We started as promised, but after a while he revealed the true reason for this meeting. The Bundesbank was searching for a successor for Helmut Schlesinger, who has been its chief economist for almost two decades and was expected to retire in two years' time. Schlesinger and Hans Tietmeyer had mentioned my name and Pohl wanted to see me. At that time, I was professor of economics...