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May 29, 2022

Bundesbank president will quit in April, not running for ECB head office

Bundesbank President Axel Weber has said he will step down from his post at the helm of Germany’s central bank in April and is withdrawing from the race to be the next president of the European Central Bank because of policy differences with some European governments, according to economictimes.indiatimes.com. In his first comments since rumours surfaced some days ago about his possible shift to Germany’s largest lender, Deutsche Bank, Weber told news weekly Der Spiegel in an interview published on Saturday that he often felt marginalised by some European governments in crucial discussions on the stability of the euro. Weber, who has been the chief of the German central bank for the last eight years, announced his intention to step down a year earlier than his current term expires in April, 2012, following a one-hour discussion with Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble in Berlin on Friday. The German government said in a press statement that he was leaving his office for “personal reasons”.

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