Germany: Nagel's appointment to the Bundesbank approved by the government

By Reuters on 22. 12.2021 at 15 h 05 1 min read

The Council of Ministers on Wednesday approved the appointment of Joachim Nagel as future President of the Bundesbank, announced Steffen Hebestreit, spokesman for the German government. / File photo / REUTERS / Ralph Orlowski Ralph Orlowski

BERLIN (Reuters) – The Cabinet on Wednesday approved the appointment of Joachim Nagel as future Bundesbank president, German government spokesman Steffen Hebestreit said. Joachim Nagel will replace Jens Weidmann on January 1 at the end of a five-year mandate during which he will have often signaled his hostility to the policy considered too accommodating of the European Central Bank.

The new Chancellor Olaf Scholz and his Minister of Finance Christian Lindner have this week proposed the appointment of the economist aged 55 years

Its designation comes in a delicate context for the euro zone where inflation is more than twice the target of 2% defined by the ECB, whose management board appears disunited in the face of the decisions to be taken in the short term to stem the rise in prices.

(Report Markus Wacket; French version Nicolas Delam e, edited by Blandine Hénault and Jean-Michel Bélot)