Bundesbank President Jens Weidmann has surprisingly announced his resignation, effective at the end of the year. The 53-year-old, who has been at the helm of the German central bank for more than 10 years, wrote in a letter to employees that it was time to start a new chapter “for the Bundesbank, but also for me personally”. Many German newspapers say that his uncompromising line was now followed by few. And the first rumors begin about his successor. POLITICIANS ‘REACTIONS Angela Merkel said she was against the decision. Weidmann has long been the economic adviser to the outgoing Chancellor. Government spokesman Steffen Seiberthe said Weidmann has “represented the Bundesbank in an exceptional way both nationally and internationally.”
Spd candidate chancellor Olaf Scholz continued with praise: “During this period, Weidmann not only had a decisive influence on monetary policy in Germany and Europe, but also promoted the further development of international financial markets.”
FDP leader Christian Lindner, a possible future finance minister, tweeted that he regretted Weidmann’s resignation. “He was in favor of a stability-oriented monetary policy, the importance of which is growing in the face of inflation risks.” And it is the latter that is causing concern on the German market. In September, inflation increased by 4.1% on an annual basis, the highest peak in the last 28 years. REAL COMMENTS (STICS)
Some newspapers speak of the decision as an almost forced move. Weidmann, among the members of the bank’s Governing Council, remained in the minority in favor of a monetary policy of control, which therefore goes in the opposite direction to that of the ECB. This could be one of the reasons for his premature retirement from office.Jorg Kramer , Commerzbank chief economist, said: “Weidmann has always been against a policy of money spent out of control (…) if you can’t stand up for ten years with very, very valid arguments, then surely you have to take a step backards.” CANDIDATES FOR SUCCESSION
The decision on the successor will rest with the government that will join in the coming months. But there are four names circulating – all in their fifties. Jorg Kukies is the number two of the German Ministry of Finance, appointed in 2018 by who could become the new Chancellor: Olaf Scholz. He is 53 years old, he spent 17 years of his career at Goldman Sachs (where Mario Draghi also passed)), studied at Harvard, won a doctorate from the University of Chicago. Kukies is not new to politics: as a young man he was the leader of the young socialists of the Land Rhineland-Palatinate (also called “Jusos”). Claudia Buch is Weidmann’s current deputy. He is 55 years old, during his career he has focused on the regulation and supervision of banks. He is a member of the German Council of Economic Advisers and worked in the Ministry of Economy and Energy. His close relationship with Weidmann may not be conducive to an appointment of him.
The third in contention is Isabel Schnabel, member of the board of the ECB. Given that none of the eurozone’s 19 national central banks are woman-led, the likely new coalition could support the choice of a woman to head the Bundesbank more strongly. She is 50 years old, she studied in Germany, worked at Deutsche Bank and teaches at the University of Bonn. Erik Nielsen , an economist at UniCredit, also gave his endorsement to Schnabel: “Her background and her experience are perfect, and she also has a deep respect on a European and global level” Marcel Fratzscheris 50 years old, and president of the German Institute for Economic Research (DIW), teaches at the Humboldt-Universitat in Berlin. He is a member of the UN Advisory Committee on Sustainable Development Goals, a member of the Scientific Advisory Committee of the German Ministry of Economy. And columnist for some newspapers, focusing on macroeconomics, inequality and European integration.

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