Dr. Josef Ackermann speaks at the Atlantic Council's annual Awards Dinner in Washington

“Decisions we take now will be critical for economic recovery, and will influence the world economy for the next generation,” said Dr. Josef Ackermann, speaking at the Atlantic Council's annual Awards Dinner in Washington on Wednesday night, where he was honored with the Distinguished Business Leadership Award.

The Chairman of the Management Board and the Group Executive Committee received the award “for the remarkably powerful role that Deutsche Bank, under his stewardship, has assumed in international banking and finance, as well as for the leading role he is taking in the recovery and stabilization of financial markets”, according to the Council. Former US Senator Chuck Hagel, Chairman of the Atlantic Council, introduced Ackermann, citing his leadership in economic thinking and commitment to global economic ties.

“As we shape the post-crisis era, we stand in front of huge opportunities and huge risks,” Ackermann said. The opportunities include building a safer and more transparent banking system, with a global, consistent set of rules. This would protect other banks from problems at specific institutions, and protect citizens from the risks of the banking system, Ackermann explained. Of the risks, Ackermann said the banking system must be allowed to provide the capital which is the “lifeblood of economic activity. And the greatest risk of all is that we stifle the economy, by stifling the banking system.”

There exists a danger of “generalist, or sweeping restrictions, to tackle specific, localized problems”, along with the loss of a global, level playing field within the industry. However, the biggest threat was that “we undermine our global competitiveness,” he said. “We have been tested. We must reform. But as we reform, let us protect and serve the economic interests of our citizens, and our credibility as leaders, in an increasingly complex world,” Ackermann surmised. “The founding principles of the Atlantic Alliance can still be our guide. Now, perhaps, more than ever.”

Ackermann received the award alongside former US President Bill Clinton, who was honored by the Council for his distinguished international leadership, and Bono, the lead singer of U2 and Co-Founder of ONE and (RED), who received the Council’s first-ever Humanitarian Leadership Award. Clinton repeatedly lauded Deutsche Bank for its partnership with the Clinton Global Initiative and its climate change research.

Previous winners of the prestigious award include former US President George H.W. Bush and former German chancellor Helmut Kohl.