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Joachim Nagel: Has been on the board of the Bundesbank for six years
Photo: Sepp Spiegl / IMAGO
The Bundesbank urgently needs a new president because of Jens Weidmann's withdrawal at the end of the year.
Federal Chancellor Olaf Scholz has now suggested the 55-year-old Joachim Nagel for this job, as SPIEGEL learned from government circles.
The »Handelsblatt« had already reported on it beforehand.
Scholz has the right to propose, but changes should be made in agreement with Federal Finance Minister Christian Lindner (FDP).
As already known, Nagel is considered a "stability-oriented social democrat" in the FDP.
The approval is therefore considered certain.
Weidmann says he is giving up his post for personal reasons.
The cooperation with the other European central bankers and the European Central Bank has not always gone smoothly in the end.
Weidmann had always warned not to underestimate the risk of excessive inflation.
Monetary policy should “not hold on to its currently very expansionary course for too long”.
He had last advertised this position in the Governing Council of the ECB last week.
Successor Nagel worked for the Bundesbank for 17 years - six of them on the board of directors.
In 2017 he moved to the Kreditanstalt für Wiederaufbau (KfW) and then in 2020 to the Bank for International Settlements (BIZ), a kind of central bank of the central banks based in Basel.
There he is Deputy Head of Banking.
More soon on SPIEGEL.de
apr / baz
