diff --git a/.github/workflows/linux-full-tests.yml b/.github/workflows/linux-full-tests.yml
index 741b9a76b65..d84b65a57e4 100644
--- a/.github/workflows/linux-full-tests.yml
+++ b/.github/workflows/linux-full-tests.yml
@@ -97,7 +97,7 @@ jobs:
             tag: rolling
             cc: gcc
             cxx: g++
-            cxxflags: "-std=c++11"
+            cxxflags: "-std=c++11 -Wno-cpp"
           - name: "C++14 mode"
             shortname: c++14
             tag: rolling
@@ -164,6 +164,12 @@ jobs:
             cc: gcc
             cxx: g++
             configureflags: --enable-openmp
+          - name: "Null as function template"
+            shortname: nullfunctions
+            tag: rolling
+            cc: gcc
+            cxx: g++
+            configureflags: --enable-null-as-functions
     container: ghcr.io/lballabio/quantlib-devenv:${{ matrix.tag }}
     steps:
     - uses: actions/checkout@v3
diff --git a/.github/workflows/linux-nondefault.yml b/.github/workflows/linux-nondefault.yml
index f51e675a093..db3d61bc419 100644
--- a/.github/workflows/linux-nondefault.yml
+++ b/.github/workflows/linux-nondefault.yml
@@ -149,7 +149,7 @@ jobs:
     - name: Build
       run: |
         ./autogen.sh
-        ./configure --disable-static --enable-error-lines --enable-error-functions --enable-tracing --enable-indexed-coupons --enable-extra-safety-checks --enable-sessions --enable-thread-safe-observer-pattern --enable-intraday ${{ matrix.configureflags }} CC="ccache ${{ matrix.cc }}" CXX="ccache ${{ matrix.cxx }}" CXXFLAGS="-O2 -g0 -Wall -Wno-unknown-pragmas -Werror ${{ matrix.cxxflags }}"
+        ./configure --disable-static --enable-error-lines --enable-error-functions --enable-tracing --enable-indexed-coupons --enable-extra-safety-checks --enable-sessions --enable-thread-safe-observer-pattern --enable-intraday --enable-null-as-functions ${{ matrix.configureflags }} CC="ccache ${{ matrix.cc }}" CXX="ccache ${{ matrix.cxx }}" CXXFLAGS="-O2 -g0 -Wall -Wno-unknown-pragmas -Werror ${{ matrix.cxxflags }}"
         make -j 2
     - name: Run tests
       run: |
diff --git a/.github/workflows/linux.yml b/.github/workflows/linux.yml
index c7bbcae4208..b73faad25bb 100644
--- a/.github/workflows/linux.yml
+++ b/.github/workflows/linux.yml
@@ -99,7 +99,7 @@ jobs:
             tag: rolling
             cc: gcc
             cxx: g++
-            cxxflags: "-std=c++11"
+            cxxflags: "-std=c++11 -Wno-cpp"
           - name: "C++14 mode"
             shortname: c++14
             tag: rolling
@@ -180,6 +180,13 @@ jobs:
             cxx: g++
             configureflags: --enable-parallel-unit-test-runner
             moreflags: -lrt
+          - name: "Null as function template"
+            shortname: nullfunctions
+            tag: rolling
+            cc: gcc
+            cxx: g++
+            configureflags: --enable-null-as-functions
+            tests: true
     container: ghcr.io/lballabio/quantlib-devenv:${{ matrix.tag }}
     steps:
     - uses: actions/checkout@v3
diff --git a/.github/workflows/macos-nondefault.yml b/.github/workflows/macos-nondefault.yml
index afbabbe2d00..6d0488411a5 100644
--- a/.github/workflows/macos-nondefault.yml
+++ b/.github/workflows/macos-nondefault.yml
@@ -43,7 +43,7 @@ jobs:
     - name: Build
       run: |
         ./autogen.sh
-        ./configure --disable-shared --enable-error-lines --enable-error-functions --enable-tracing --enable-indexed-coupons --enable-extra-safety-checks --enable-sessions --enable-thread-safe-observer-pattern --enable-intraday ${{ matrix.configureflags }}  CC="ccache clang" CXX="ccache clang++" CXXFLAGS="-O2 -g0 -Wall -Werror -stdlib=libc++ -mmacosx-version-min=10.9 ${{ matrix.cxxflags }}" LDFLAGS="-stdlib=libc++ -mmacosx-version-min=10.9"
+        ./configure --disable-shared --enable-error-lines --enable-error-functions --enable-tracing --enable-indexed-coupons --enable-extra-safety-checks --enable-sessions --enable-thread-safe-observer-pattern --enable-intraday --enable-null-as-functions ${{ matrix.configureflags }}  CC="ccache clang" CXX="ccache clang++" CXXFLAGS="-O2 -g0 -Wall -Werror -stdlib=libc++ -mmacosx-version-min=10.9 ${{ matrix.cxxflags }}" LDFLAGS="-stdlib=libc++ -mmacosx-version-min=10.9"
         make -j 2
     - name: Run tests
       run: |
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 915c8ceb9a0..896853e04a4 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -52,6 +52,7 @@ option(QL_ERROR_FUNCTIONS "Error messages should include current function inform
 option(QL_ERROR_LINES "Error messages should include file and line information" OFF)
 option(QL_EXTRA_SAFETY_CHECKS "Extra safety checks should be performed" OFF)
 option(QL_HIGH_RESOLUTION_DATE "Enable date resolution down to microseconds" OFF)
+option(QL_NULL_AS_FUNCTIONS "Enable the implementation of Null as template functions" OFF)
 option(QL_INSTALL_BENCHMARK "Install benchmark" ON)
 option(QL_INSTALL_EXAMPLES "Install examples" ON)
 option(QL_INSTALL_TEST_SUITE "Install test suite" ON)
diff --git a/CMakePresets.json b/CMakePresets.json
index f436a7439a7..92a0f744a5d 100644
--- a/CMakePresets.json
+++ b/CMakePresets.json
@@ -109,6 +109,7 @@
         "QL_ENABLE_SESSIONS": "ON",
         "QL_ENABLE_THREAD_SAFE_OBSERVER_PATTERN": "ON",
         "QL_HIGH_RESOLUTION_DATE": "ON",
+        "QL_NULL_AS_FUNCTIONS": "ON",
         "QL_USE_INDEXED_COUPON": "ON",
         "QL_USE_STD_CLASSES": "ON"
       }
@@ -126,6 +127,7 @@
         "QL_ENABLE_SESSIONS": "ON",
         "QL_ENABLE_THREAD_SAFE_OBSERVER_PATTERN": "ON",
         "QL_HIGH_RESOLUTION_DATE": "ON",
+        "QL_NULL_AS_FUNCTIONS": "ON",
         "QL_USE_INDEXED_COUPON": "ON",
         "QL_USE_STD_CLASSES": "ON"
       },
diff --git a/Docs/pages/config.docs b/Docs/pages/config.docs
index 4cc7fe7bb96..d0720869bd9 100644
--- a/Docs/pages/config.docs
+++ b/Docs/pages/config.docs
@@ -127,6 +127,15 @@
     are used instead of `boost::tuple`. If disabled (the
     default) the Boost facilities are used.
 
+    \code
+    #define QL_NULL_AS_FUNCTIONS
+    \endcode
+    If defined, `Null` will be implemented as a set of template
+    functions.  This allows the code to work with user-defined `Real`
+    types but was reported to cause internal compiler errors with
+    Visual C++ 2022 in some cases.  If disabled (the default) `Null`
+    will be implemented as a class template, as in previous releases.
+
     \code
     #define QL_ENABLE_PARALLEL_UNIT_TEST_RUNNER
     \endcode
diff --git a/configure.ac b/configure.ac
index 0897959a538..5b420eb858c 100644
--- a/configure.ac
+++ b/configure.ac
@@ -391,7 +391,6 @@ if test "$ql_use_std_function" = "yes" ; then
 fi
 AC_MSG_RESULT([$ql_use_std_function])
 
-
 AC_MSG_CHECKING([whether to enable std::tuple])
 AC_ARG_ENABLE([std-tuple],
               AS_HELP_STRING([--enable-std-tuple],
@@ -426,6 +425,25 @@ if test "$ql_use_std_classes" = "yes" ; then
 fi
 AC_MSG_RESULT([$ql_use_std_classes])
 
+AC_MSG_CHECKING([whether to enable the implementation of Null as template functions])
+AC_ARG_ENABLE([null-as-functions],
+              AS_HELP_STRING([--enable-null-as-functions],
+                             [If enabled, Null will be implemented as a set
+                              of template functions.  This allows the code
+                              to work with user-defined Real types but was
+                              reported to cause internal compiler errors
+                              with Visual C++ 2022 in some cases.
+                              If disabled (the default) Null will be
+                              implemented as a class template, as in
+                              previous releases.]),
+              [ql_use_null_functions=$enableval],
+              [ql_use_null_functions=no])
+if test "$ql_use_null_functions" = "yes" ; then
+   AC_DEFINE([QL_NULL_AS_FUNCTIONS],[1],
+             [Define this if you want to enable the implementation of Null as template functions.])
+fi
+AC_MSG_RESULT([$ql_use_null_functions])
+
 
 # manual configurations for specific hosts
 case $host in
diff --git a/ql/config.hpp.cfg b/ql/config.hpp.cfg
index 25b3bd6129b..bea1d2340de 100644
--- a/ql/config.hpp.cfg
+++ b/ql/config.hpp.cfg
@@ -40,5 +40,6 @@
 #cmakedefine QL_USE_STD_SHARED_PTR
 #cmakedefine QL_USE_STD_FUNCTION
 #cmakedefine QL_USE_STD_TUPLE
+#cmakedefine QL_NULL_AS_FUNCTIONS
 
 #endif
diff --git a/ql/math/array.hpp b/ql/math/array.hpp
index 8322267c11e..c31d04c765b 100644
--- a/ql/math/array.hpp
+++ b/ql/math/array.hpp
@@ -145,13 +145,25 @@ namespace QuantLib {
         Size n_;
     };
 
+    #ifdef QL_NULL_AS_FUNCTIONS
+
     //! specialization of null template for this class
     template <>
     inline Array Null<Array>() {
         return {};
     }
 
+    #else
+
+    //! specialization of null template for this class
+    template <>
+    class Null<Array> {
+      public:
+        Null() = default;
+        operator Array() const { return Array(); }
+    };
 
+    #endif
 
     /*! \relates Array */
     Real DotProduct(const Array&, const Array&);
diff --git a/ql/prices.hpp b/ql/prices.hpp
index 011c334e517..2a9c654adb4 100644
--- a/ql/prices.hpp
+++ b/ql/prices.hpp
@@ -100,12 +100,25 @@ namespace QuantLib {
         Real open_, close_, high_, low_;
     };
 
-    
+    #ifdef QL_NULL_AS_FUNCTIONS
+
     template <>
     inline IntervalPrice Null<IntervalPrice>() {
         return {};
     };
 
+    #else
+
+    template <>
+    class Null<IntervalPrice>
+    {
+      public:
+        Null() = default;
+        operator IntervalPrice() const { return {}; }
+    };
+
+    #endif
+
 }
 
 #endif
diff --git a/ql/time/date.hpp b/ql/time/date.hpp
index 071f31106ff..e32671df790 100644
--- a/ql/time/date.hpp
+++ b/ql/time/date.hpp
@@ -370,12 +370,24 @@ namespace QuantLib {
 
     }
 
+    #ifdef QL_NULL_AS_FUNCTIONS
+
     //! specialization of Null template for the Date class
     template <>
     inline Date Null<Date>() {
         return {};
     }
 
+    #else
+
+    template <>
+    class Null<Date> {
+      public:
+        Null() = default;
+        operator Date() const { return {}; }
+    };
+
+    #endif
 
 #ifndef QL_HIGH_RESOLUTION_DATE
     // inline definitions
diff --git a/ql/userconfig.hpp b/ql/userconfig.hpp
index 5d926cd34c8..a3222533ff9 100644
--- a/ql/userconfig.hpp
+++ b/ql/userconfig.hpp
@@ -101,6 +101,11 @@
 //#    define QL_USE_STD_TUPLE
 #endif
 
+/* Define this to enable the implementation of Null as template functions. */
+#ifndef QL_NULL_AS_FUNCTIONS
+//#    define QL_NULL_AS_FUNCTIONS
+#endif
+
 /* Define this to enable the parallel unit test runner */
 #ifndef QL_ENABLE_PARALLEL_UNIT_TEST_RUNNER
 //#    define QL_ENABLE_PARALLEL_UNIT_TEST_RUNNER
diff --git a/ql/utilities/null.hpp b/ql/utilities/null.hpp
index 35031e2b22f..2c6b70a422a 100644
--- a/ql/utilities/null.hpp
+++ b/ql/utilities/null.hpp
@@ -32,8 +32,6 @@
 
 namespace QuantLib {
 
-    
-   
     namespace detail {
 
         template <bool>
@@ -59,12 +57,32 @@ namespace QuantLib {
 
     }
 
+    #ifdef QL_NULL_AS_FUNCTIONS
+
     //! template function providing a null value for a given type.
     template <typename T>
     T Null() {
         return T(detail::FloatingPointNull<std::is_floating_point<T>::value>::nullValue());
     }
 
+    #else
+
+    //! template class providing a null value for a given type.
+    template <class Type>
+    class Null;
+
+    // default implementation for built-in types
+    template <typename T>
+    class Null {
+      public:
+        Null() = default;
+        operator T() const {
+            return T(detail::FloatingPointNull<std::is_floating_point<T>::value>::nullValue());
+        }
+    };
+
+    #endif
+
 }