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Volker Leppin addresses the much-debated question of Luther's attitude toward the Jews by situating it within late medieval theology and exegesis. He embeds this issue in the theological discourse of the late Middle Ages and highlights the importance of exegetical tradition. Drawing on the Psalms exegesis, he demonstrates how, since the 14th century, Christian theologians - engaging with Jewish interpretation - developed proto-humanistic forms of understanding that Luther could take up and continue. His early exegetical remarks thus appear as part of a continuous tradition. The author places special emphasis on the close connection between Luther's anti-Jewish polemics and his intra-Christian criticism. The expansion of this criticism into opposition to the papacy allows for a new explanation of Luther's seemingly more tolerant statements in the 1520s: his own theological and legal marginalization led him to refrain temporarily from discriminatory practices. The absence of genuine solidarity explains why, in the final phase of his work, anti-Jewish polemics and papal critique once again converged. Finally, Volker Leppin reflects on the reception of Luther's stance - from interpretations during the Third Reich to the Reformation Jubilee - and distinguishes religious anti-Judaism from racial antisemitism through the analytical category of "proto-antisemitism."