Joachim Nagel, President of the Deutsche Bundesbank, believes his institution is well‑prepared for crises such as the recent power outage in Berlin. Speaking to the Tagesspiegel, he explained that the emergency demonstrated how payment systems qualify as critical infrastructure.
To be ready, the Bundesbank has implemented several safeguards. Each branch across the country receives cash supplies within a 75‑kilometer radius and is equipped with emergency generators. Larger branches employ more than a hundred staff, while smaller ones have around forty. Even if a branch were to fail, the bank can still provide cash throughout Germany.
Nagel also highlighted the bank’s comprehensive crisis plan and the regular exercises that simulate emergency scenarios. He carries a satellite‑enabled phone in case the network goes down, and he asserts that every employee knows their role during a “borderline” situation. He views the reliance on cash in such events as self‑created and argues that we should not depend on conventional cash during emergencies.
Reemphasizing the digital euro, Nagel noted that anyone can hold it in a digital wallet on their phone, enabling payments even offline, without an internet connection. He believes the digital euro will make the financial system more independent and resilient.