Monday, December 20, 2021
Weidmann’s successor
Joachim Nagel is to become the new head of the Bundesbank
After the surprising announcement of his resignation by Bundesbank President Weidmann, a successor has now been found: Joachim Nagel had already worked for the central bank for 17 years, and according to a report, Chancellor Scholz wants to propose the 55-year-old for the top position.
According to the “Handelsblatt”, the economist Joachim Nagel is to replace Jens Weidmann at the head of the Bundesbank. Chancellor Olaf Scholz proposed the 55-year-old for this post, several media reported, referring to information from government circles. Scholz has the right to propose, but changes should be made in agreement with Federal Finance Minister Christian Lindner.
Nagel is considered a “stability-oriented social democrat” in the FDP, reported the newspaper. The approval is therefore considered certain. Nagel worked for the Bundesbank for 17 years, including six years on the board. In 2017 he moved to the Kreditanstalt für Wiederaufbau (KfW) and then in 2020 to the Bank for International Settlements (BIZ).
Weidmann leaves “for personal reasons”
Weidmann is leaving the head of the German Central Bank prematurely. In October he announced that he would be leaving at the end of the year “for personal reasons”. Weidmann took over the reins at the Bundesbank in 2011. Actually, his mandate would have run until 2027.
At the age of 43, Weidmann was the youngest head of the Deutsche Bundesbank to date. He took over from Axel A. Weber in 2011 in the midst of the euro crisis. As President of the Bundesbank, he is a member of the Council of the European Central Bank.
After Weidmann announced his resignation, Finance Minister Olaf Scholz thanked Weidmann for his extraordinary commitment over the past ten years. “He not only had a decisive influence on monetary policy in Germany and Europe during this period, but also advanced the further development of the international financial markets,” said the SPD candidate for chancellor and vice-chancellor. “Jens Weidmann has done a lot for our country,” he emphasized.