economist
Joachim Nagel is to become the new President of the Bundesbank
Joachim Nagel is to become the new head of the Bundesbank (archive photo)
© Arne Dedert // Picture Alliance
Chancellor Scholz wanted to have a say in these financial personnel. Now it is clear: The SPD man Joachim Nagel is to lead the Bundesbank in the future. Finance Minister Lindner praises him as an “experienced personality”.
The economist Joachim Nagel is to replace Jens Weidmann at the head of the Bundesbank. Federal Finance Minister Christian Lindner (FDP) announced on Monday. Federal Chancellor Olaf Scholz (SPD) and he suggest Nagel “as the new President of the Bundesbank,” wrote Lindner on Twitter. Previously, the “Handelsblatt” and the news magazine “Mirror” reported. Nagel was an “experienced personality” who ensured the continuity of the Bundesbank, wrote Lindner. “In view of the risk of inflation, the importance of a stability-oriented monetary policy is growing,” he added. The cabinet still has to finally decide on the occupation. Lindner emphasized that in view of inflation risks, the importance of a stability-oriented monetary policy is currently growing.
Joachim Nagel: “Stability-oriented social democrat” with experience
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 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.
Weidmann’s second eight-year term would normally have run until the end of April 2027. Weidmann succeeded Axel Weber, who had thrown in the dispute over the anti-crisis policy of the European Central Bank (ECB).
The Bundesbank president is involved in the decisions of the highest decision-making body of the central bank, but like the representatives of the other 18 euro countries, he only has one vote – even if Germany is Europe’s largest economy.