Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Factbox-Who will be the Bundesbank's next chief?

EconomyOct 20, 2021 09:12AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. German Bundesbank President Jens Weidmann presents the annual 2018 report in Frankfurt, Germany, February 27, 2019. REUTERS/Kai Pfaffenbach/Files

FRANKFURT (Reuters) - Bundesbank President Jens Weidmann, a relentless critic of the European Central Bank's ultra easy monetary policy, will step down more than five years early, opening the door for Germany's new government to pick a less confrontational successor.

Below is a list of potential candidates to take over at the German central bank when Weidmann leaves his role on Dec. 31.

VOLKER WIELAND

Wieland is a long-serving member of the German Council of Economic Experts, which advises the German government.

He has often warned that an overly loose monetary policy could create financial bubbles, but defended the ECB's bond-buying programme when Germany's constitutional court heard a 2019 challenge to its stimulus programmes.

Wieland recently told Spiegel he expected the ECB to slow its asset purchases next year and raise interest rates in 2023, adding that the negative rate on deposits could be done away with earlier than previously thought.

Wieland teaches monetary economics at the University of Frankfurt.

MARCEL FRATZSCHER

Fratzscher is the most "dovish" candidate on the list, having backed the European Central Bank's ultra-loose monetary policy and called for more fiscal spending in Germany.

A former European Central Bank economist, he teaches macroeconomics and finance at Berlin's Humboldt University and runs the DIW Berlin think-tank.

JAKOB VON WEIZSÄCKER

Weizsäcker has been the chief economist of the German Ministry of Finance under Olaf Scholz, who is now the leading candidate to succeed Angela Merkel as chancellor.

He was a member of the European Parliament for Scholz's Social Democrats between 2014 and 2019, sitting on the Committee on Economic and Monetary Affairs.

A prominent member of an aristocratic family, he is a pro-European economist who is well regarded by the German centre-right.

LARS FELD

Feld's main field of research is economic and fiscal policy.

Seen as a representative of Germany's economic orthodoxy, he has in the past called for higher interest rates to prevent a property bubble in his country.

But he has also defended the ECB's asset purchases before Germany's constitutional court and backed the euro zone central bank's response to the coronavirus pandemic.

A former chair of the German Council of Economic Experts, Feld teaches economic policy and constitutional economics at the University of Freiburg. He has been chosen as the head of Vienna's Institute for Advanced Studies.

ISABEL SCHNABEL

Schnabel is a member of the European Central Bank's Executive Board, which would make a switch to the Bundesbank unprecedented.

In her first two years as an ECB board member, Schnabel has broken the mould of German opposition to bond purchases and negative interest rates and has defended the ECB from critics in her native country.

She has recently struck a hawkish note by saying inflation might turn out to be higher than the ECB currently expects.

LARS-HENDRIK RÖLLER

Röller has been Angela Merkel's chief economic adviser for a decade, having replaced Weidmann as the German Chancellery's director general for economic and financial policy in 2011.

As an academic his main focus was on innovation and competition and he has not publicly commented on monetary policy. He also served as chief competition economist at the European Commission in the 2000s.

Röller was questioned by German lawmakers earlier this year over his role in the Wirecard scandal.

CLAUDIA BUCH

Buch has been the Bundesbank's vice-president since 2014 after a two-year stint on the German Council of Economic Experts.

The 55-year old former university professor accompanies Weidmann to meetings of the ECB's Governing Council.

But she has largely steered clear of the monetary policy debate in public, focusing instead on issues relating to financial stability.

JENS ULBRICH

The Bundesbank's chief economist has worked for the German central bank since 2005 after a five-year stint as the general secretary of the German Council of Economic Experts.

The 52-year-old economist is active on Twitter (NYSE:TWTR) but has not expressed views about monetary policy in public, mainly explaining the ECB's decisions and commenting on the economic outlook.

Factbox-Who will be the Bundesbank's next chief?
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email