German Bundesbank President Weidmann to step down at end of year

Frankfurt (dpa) – The head of Germany’s central bank, Jens Weidmann, is stepping down, having asked President Frank-Walter Steinmeier to be released from office on December 31.

“I have come to the conclusion that more than 10 years is a good measure of time to turn over a new leaf – for the Bundesbank, but also for me personally,” Bundesbank President Weidmann wrote in a letter to the bank’s staff.

In the message, Weidmann, 53, referred to what they had achieved together: “The environment in which we operate has changed massively and the Bundesbank’s tasks have grown.

“The financial crisis, the sovereign debt crisis and most recently the pandemic have led to decisions in politics and monetary policy that will have long-lasting effects.

“It has always been important to me that the Bundesbank’s clear, stability-oriented voice remains clearly audible.”

The economist, who completed his doctorate at Bonn University in 1997, has repeatedly criticized the monetary policy of the European Central Bank (ECB) as too loose.

In his letter, he thanked fellow members of the ECB’s Governing Council for the open and constructive atmosphere during discussions that were at times difficult over recent years. He also underlined the significant stabilizing role of monetary policy during the pandemic.

Weidmann, then the youngest Bundesbank president, took over the post in Frankfurt in May 2011 at the age of 43 from Axel Weber, who had quit in a dispute over the ECB’s policy to control the crisis at the time.