The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Introductory remarks b y A l a n G r e e n s p a n , Chairman of the Board of Governors of the F e d e r a l Reserve S y s t e m , at a d i n n e r commemorating the first A r t h u r F . Burns M e m o r i a l Lecture of the A m e r i c a n C o u n c i l on G e r m a n y , N o v e m b e r 2, 1 9 8 7 , N e w York C i t y : A r t h u r Burns w a s m y p r o f e s s o r a t Columbia University and m e n t o r through a l l of m y p r o f e s s i o n a l l i f e . O u r relationship w a s especially close during the A d m i n i s t r a t i o n of President F o r d , w h e n h e was chairman of the F e d e r a l Reserve a n d I was chairman o f the C o u n c i l of Economic A d v i s o r s . It was then incidentally, that I also first m e t K a r l Otto P o e h l , who w a s serving in a senior p o s t in the M i n i s t r y of Finance of the F e d e r a l Republic. A r t h u r Burns retired from the F e d e r a l Reserve in 1978 and l a t e r w e n t on to be the U . S . A m b a s s a d o r to W e s t Germany where he forged a close p e r s o n a l p r o f e s s i o n a l relationship w i t h K a r l Otto P o e h l , by then President of the B u n d e s b a n k . I can think of no one b e t t e r qualified to deliver the i n a u g u r a l A r t h u r F . Burns M e m o r i a l Lecture this evening than President P o e h l . He heads a k e y institution of a k e y e c o n o m y , which has an extensive influence beyond its b o r d e r s . W e are constantly reminded that the world economy is increasingly interdependent. Favorable performance in one country redounds to the benefits of others a n d , as we have recently experienced so s t a r k l y , adverse developments in one part of the w o r l d economy are quickly transmitted e l s e w h e r e . The economic welfare of our c i t i z e n s , t h e r e f o r e , is dependent o n the sound economic management and good performance of a l l the m a j o r e c o n o m i e s . In the brief p e r i o d I have been at the F e d e r a l Reserve B o a r d , I have been reminded repeatedly that the art of c e n t r a l banking is to balance the - 2 - conflicting objectives facing the p o l i c y m a k e r — a c h i e v i n g sustainable economic g r o w t h and sustainable e x t e r n a l p o s i t i o n s , while at the same time avoiding inflation and maintaining a free and open trading e n v i r o n m e n t . dedicated his p u b l i c service career to these o b j e c t i v e s . Otto P o e h l is devoted to the same g o a l s . A r t h u r Burns I k n o w that K a r l Germany and the world economy a r e , t h e r e f o r e , fortunate to have a p e r s o n of President Poehl's caliber and experience available to serve the public interest in this c r i t i c a l p e r i o d . H e shares the vision of maintaining a healthy international economy and appreciates the responsibilities we a l l have in striving to achive this g o a l . T h e r e f o r e , I look forward w i t h confidence to strengthened cooperation b e t w e e n our institutions a n d our countries in dealing w i t h o u r common p r o b l e m s . It is w i t h great pleasure that I present to. y o u m y good friend K a r l Otto P o e h l .
@FedFRASER