The finance minister announced On Monday that the new German administration has appointed an experienced central banker and former board member of Germany’s state-owned development bank to oversee the country’s central bank.
Joachim Nagel will replace Jens Weidmann, who declared in October that he would resign as president of the Bundesbank at the end of the year due to some personal reasons.
The European Central Bank’s governing council promotes national central bank governors from the eurozone’s 19 countries.
Weidmann has been the prominent critic of expansive stimulus measures such as bond purchases while in that role.
Nagel is currently the International Settlement’s deputy head of banking.
The Bank for International Settlements is an international organization of central banks. In November 2020, Nagel was appointed to the position.
He formerly worked on the executive board of the Bundesbank and the board of Germany’s state-owned development bank, KfW.
On Twitter, Finance Minister Christian Lindner and Chancellor Olaf Scholz confirmed that Nagel has been considered as an experienced personality who ensures continuity at the Bundesbank.
In his Tweet, he said