According to a newspaper report, the economist Joachim Nagel has the best chance of inheriting Jens Weidmann at the head of the Bundesbank. As the Financial Times citing someone familiar with the process, the 55-year-old is the “preferred candidate”. On the other hand, ECB director Isabel Schnabel and finance state secretary Jörg Kukies are no longer in the running, the newspaper reports, citing several people. A spokesman for Chancellor-designate Olaf Scholz declined to comment on the report. Nagel, who did his doctorate at the University of Karlsruhe, spent most of his professional career at the Bundesbank. For 17 years he worked for the German central bank in various positions. From December 2010 until he left the central bank at the end of April 2016, he was a member of the board. Most recently, he was responsible for the important area of markets and thus for the concrete implementation of monetary policy. Nagel was also head of the Bundesbank’s crisis team. After joining the German central bank, he moved to the Kreditanstalt für Wiederaufbau (KfW), where he joined the board in 2017. There he was responsible for promoting developing and emerging countries. In 2020, Nagel switched to the Bank for International Settlements (BIS) in Basel, which is considered an important think tank for international monetary policy. He is currently Deputy Head of the Banking Department at the BIS. Nagel is considered to be well-wired on the European floor. For example, he represented Germany on behalf of the Federal Ministry of Finance in the expert group on the development of the Capital Markets Union in the EU.
Bundesbank – report: Nagel should be Weidmann’s successor – economy
