CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. Contributed Articles
  3. The President of Germany's Central Bank Bundesbank Resigns from His Position

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


Contributed by ICD Fiduciaries
October 29, 2021



Jens Weidmann has been the chief of Bundesbank for almost a decade; however, now he has decided to resign from his position five years early 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.

Weidmannin 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 this 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 the pandemic, the economic recovery, increase 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 its 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 a 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.

 

Tags: banking | Banks/Financial | Germany

 

 

Back to Articles

















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »

Network Blogs and Features