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German cabinet approves Nagel as Bundesbank president

by Mike Robinson

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© Reuters. FILE PHOTO – Joachim Nagel (Member of Germany’s Bundesbank Board) attends the annual news conference in Frankfurt on March 12, 2015. REUTERS/Ralph Orlowski

BERLIN (Reuters). The German cabinet approved Joachim Nagel’s appointment as new Bundesbank president. He is a former central banker and has ties with the Social Democrats. Steffen Hebestreit, a government spokesperson, stated Wednesday.

Jens Weidmann quit five years ago and Jens Nagel took over as the new CEO. He had long opposed to the European Central Bank’s stimulative policy of massive government bond purchases and sub-zero interest rate rates.

German Finance Minister Christian Lindner, and Olaf Scholz the German Chancellor had suggested earlier this week to the 55 year-old economist that he take over the biggest central bank of the euro area.

This appointment occurs at a moment when inflation has risen more than twice that of the ECB’s 2% target. The opposing sides within the ECB’s Governing council have distinct views about its possible evolution.

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