The economist Joachim Nagel will succeed Jens Weidmann at the helm of the Bundesbank starting from the new year. This was announced by Finance Minister Lindner. Nagel, 55, is Deputy Director of the Banking Department at the Bank for International Settlements. He will take office on January 1st.
Previously, he worked for the Bundesbank for 17 years, moving to KfW, Germany’s state development bank in 2017. Nagel’s appointment was greeted on Twitter by Isabel Schnabel, a prominent member of the ECB board of directors and who was considered to be in the race for Weidmann’s succession. «Congratulations to Joachim Nagel for being appointed as the new president of the Bundesbank – says Schnabel’s tweet – I can’t wait to be able to collaborate together on the ECB board of directors. Many important tasks await us ».
“In the face of inflation risks, the importance of a stability-oriented monetary policy grows – wrote Christian Lindner via Twitter – Nagel is an expert figure who guarantees continuity to the Bundesbank”.
Considered close to Chancellor Olaf Scholz, Nagel is nevertheless also appreciated by the Liberals of the FDP for his vision of a prudent and stability-based monetary policy. In economic circles it is considered “the most dove among the hawks” of monetary policy.