Bundesbank President Jens Weidmann to leave before the end of his term

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FRANKFURT — German Bundesbank President Jens Weidmann, a leading critic of the European Central Bank’s easy money policies as a member of the ECB’s rate-setting committee, will leave the Bundesbank at the end of the year, five years before the expected date of his mandate. to finish.

The Bundesbank said in a statement that Weidmann was leaving for personal reasons, without giving further details.

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

Weidmann was one of the main candidates to replace Mario Draghi for the presidency of the ECB in 2019, but the post eventually went to the former managing director of the International Monetary Fund, Christine Lagarde. Draghi is now Italian Prime Minister.

Weidmann will step down around the same time as German Chancellor Angela Merkel, whom he served as an economic advisor in Berlin before taking over as head of the Bundesbank in May 2011.

In his farewell statement, Weidmann urged his colleagues at the ECB “not to lose sight of the potential inflationary dangers” to come.

Write to Tom Fairless at [email protected]

This article was published by Dow Jones Newswires


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