At the end of January 2026, the Ambassadors Club opened the new year with its first Jour Fixe. The guest speaker was announced as Joachim Nagel, President of the Deutsche Bundesbank, who was scheduled to address the topic “Outlook for 2026 in the light of multifaceted challenges worldwide”. Around 50 ambassadors from across the world had confirmed their attendance and accepted the invitation.
However, winter weather intervened: ice and snow caused significant disruption at Berlin Airport, preventing Prof. Nagel from reaching the Waldorf Astoria Berlin in time to meet the Excellencies. His speech was therefore made available to participants in written form.
In his remarks, he presented a nuanced assessment of Germany’s economic outlook: inflation is expected to decline to 2.2 percent in 2026 and stabilize at around 2 percent in the following years. After a period of subdued momentum, growth is projected to gradually pick up from 2026 onwards, supported in particular by higher public investment.
At the same time, deficits and the debt ratio are likely to increase, prompting Nagel to stress the importance of prudent and sustainable fiscal policy. Against the backdrop of geopolitical tensions, ongoing trade disputes, and structural challenges, he also underscored the vital role of international cooperation and strong global institutions in safeguarding financial stability.
A new date has been scheduled for 20 April 2026 – hopefully with more favorable spring weather and certainly with fresh and insightful perspectives on the work of the Deutsche Bundesbank.
Photos: Thomas Matena
Text: Martin Hoeck