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Germany’s Scholz eyes Joachim Nagel as new central bank chief -FT -Breaking

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) – Germany’s chancellor-in-waiting Olaf Scholz could nominate Joachim Nagel, a top official at the Bank for International Settlements, to become the successor of outgoing Bundesbank President Jens Weidmann, the Financial Times reported on Thursday.

Nagel (55) has been promoted to the top of Germany’s central banking in Scholz’s first major appointment, according to the FT, citing a source with direct knowledge.

Nagel was a Bundesbank employee for most of his professional life before joining BIS in the role of deputy head of banking unit. Last month, Weidmann declared that he was stepping down as head of the banking unit at the end.

Scholz spokeswoman declined to comment.

Isabel Schnabel was also a candidate for the job, as well as Joerg Kukkies (a state secretary in the finance minister’s office), but these people are not in the running.

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