(Bloomberg) -- The German government is planning to extend the contract of Bundesbank President Jens Weidmann by another eight years when it expires at the end of April, according a person familiar with the matter.
Weidmann, who sits on the European Central Bank’s Governing Council, would get a second term at the helm of the German institution and then wait and see if he is picked to succeed Mario Draghi as ECB president in November, said the person, who asked not to be identified discussing deliberations that have not yet been made public.
Spokesmen for the Finance Ministry and the Bundesbank declined to comment. Germany’s Sueddeutsche Zeitung and Handelsblatt reported the decision earlier on Tuesday.
Weidmann was once seen as the frontrunner to succeed Draghi as the euro zone’s highest monetary official but suffered a setback when Manfred Weber was put forward by the European People’s Party as their candidate for European Commission president.
European Union governments are unlikely to allow Germany to fill two such senior posts. Weidmann’s chances could improve again if Weber’s bid fails after EU Parliament elections in May.