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The President of Germany’s Central Bank Bundesbank Resigns from His Position

Jens Weidmann has been the chief of Bundesbank already for almost a decade, however, now he has decided to resign from his position 5 years earlier before his term on 31st December, 2021. This statement came only weeks after the country’s general election and shortly before a crucial decision on the future of eurozone monetary policy.

Weidmann in his statement claims that his resignation is due to personal reasons and wants proceed with a new chapter in his life, however, unofficial sources inform that it is untrue. Over the years Weidmann has criticized European Central Bank’s monetary policy and these sources believe that Weidmann does not want to face other frustrations related to ECB’s decisions about pandemic, the recovery of economic, increasement of inflation etc.

At the moment it is not yet decided who will fill-in the position after Wiedmann. In case the decision of a new successor will not be made by the end of the year Bundesbank will be left with it’s vice-president as interim central bank chief. Although there are few mentions about who could become the new president of Bundesbank. For example, Berenberg’s chief economist Holger Schmieding expressed an opinion that the new German government would appoint more “tame” successor than Weidmann was.

Some believe that Weidmann’s departure is a disastrous sign for upcoming monetary and fiscal policy in Germany and Europe, since ECB had already been warn by Weidmann for several times for underestimating inflationary pressures. However, others do not agree with Weidmann and sees the changes as a positive sign.

Posted in News