Hans Tietmeyer
| Hans Tietmeyer | |
|---|---|
Hans Tietmeyer and Helmut Schlesinger
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| 5th President of the German Bundesbank | |
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In office 1993–1999 |
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| Preceded by | Helmut Schlesinger |
| Succeeded by | Ernst Welteke |
| Personal details | |
| Born |
August 18, 1931 Metelen, North Rhine-Westphalia |
| Died | December 27, 2016 (aged 85) |
| Nationality | Germany |
| Alma mater |
University of Münster University of Bonn University of Cologne |
Hans Tietmeyer (August 18, 1931 – December 27, 2016) was a German economist and regarded as one of the foremost experts on international financial matters. He was president of Deutsche Bundesbank from 1993 until 1999 and remained afterwards one of the most important figures in finance of the European Union.
Hans Tietmeyer was born August 18, 1931 in Metelen (Westphalia), graduated from Gymnasium Paulinum and studied at the University of Münster, University of Bonn and University of Cologne. Following an academic background of Alfred Müller-Armack and Ludwig Erhard he moved into international banking and economics.
In 1962 he started his career in the Federal Ministry of Economics. In 1982 he became Permanent Secretary in the Ministry of Finance, where he was responsible for international monetary policy, financial policy, EU matters and the preparation of World Economic Summits (sherpa).
Tietmeyer became a Member of the Board of Directors of the Deutsche Bundesbank in 1990, with responsibility for international monetary issues, organisations and agreements. After two years as Vice President he became President of the Deutsche Bundesbank in 1993, a position he held until August 1999.
During Tietmeyer's tenure as president of the Bundesbank, the Euro was introduced as the currency for most of the EU. At the time Tietmeyer forecast that the common currency would lead to painful internal economic adjustments for member states with trade deficits cumulating into debt. Commentator David Marsh in late 2012 drew attention to that forecast as he highlighted "the significant internal devaluations of their currencies though a sharp fall in unit labor costs" which Ireland, Spain, Portugal, Italy and Greece, for example, have suffered in the European sovereign-debt crisis of 2008 onward. This effect of the Euro is similar to the impact of "the classical gold standard", wrote Marsh in describing the phenomenon.
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