Status: 07.01.2022 2:14 p.m.
Federal President Frank-Walter Steinmeier has officially appointed Joachim Nagel as President of the Bundesbank. The economist took over the post from Jens Weidmann at the turn of the year.
Joachim Nagel has been officially appointed as the new President of the Bundesbank. The 55-year-old received his certificate of appointment from Federal President Frank-Walter Steinmeier (SPD) today at Bellevue Palace in Berlin. The federal cabinet had decided to appoint Nagel to the head of the German central bank in December.
The celebration of the change of office is to take place next Tuesday in Frankfurt am Main, as the Bundesbank announced. Next to Nagel and his predecessor Jens Weidmann, ECB President Christine Lagarde and Finance Minister Christian Lindner (FDP) are expected as speakers.
Nagel was already a board member of the Bundesbank
Joachim Nagel is now officially following Weidmann, who announced in October of last year that he would leave his post early at the end of the year “for personal reasons”. Weidmann’s second eight-year term would have run until the end of April 2027.
As President of the Bundesbank, Nagel will also represent Germany in the Council of the European Central Bank (ECB), where he will be jointly responsible for the monetary policy of the euro zone. He is a recognized financial market expert and was most recently at the Bank for International Payments (BIS). Nagel worked for the Bundesbank between 1999 and 2016, including six years as a board member.
Between 2017 and 2020 he was a board member at the state development bank KfW. In addition, Nagel is a member of the SPD. Federal Chancellor Olaf Scholz (SPD) and Finance Minister Lindner had proposed him.