Updated on Wednesday, October 20, 2021 – 11:46
“I have come to the conclusion that more than 10 years is a good measure of time to turn a new page, for the Bundesbank, but also for me personally,” he wrote in a letter posted on the bank’s website.
Jens Weidmann, President of the Bundesbank.JMCADENAS
The President of the Bundesbank, Jens Weidmann, has asked the federal president today, Frank-Walter Steinmeier, remove him from office on December 31, 2021.
Weidmann, who has run the German regulator since May 2011, cites personal motives. “I have come to the conclusion that more than 10 years is a good measure of time to turn a new page, for the Bundesbank, but also for me personally,” Weidmann wrote in a letter posted on the bank’s website.
In it, it refers to the achievements obtained jointly by the entity’s workers in an environment that has changed enormously and the tasks of the Bundesbank they have grown. “The financial crisis, the sovereign debt crisis and more recently the pandemic have led to political and monetary policy decisions that will have lasting effects,” he says.
Weidemann highlights the importance that the Bundesbank always had for him that the Bundesbank had a clear, audible and stability-oriented voice and in that sense highlighted the important regulatory changes that have been adopted
“The reorganization of banking supervision in Europe has led not only to completely new supervisory structures at the ECB, but also to a strengthened role for the Bundesbank. The new responsibilities of the Bundesbank in the area of financial stability also underline our central role in with regard to a functioning financial system “, he highlights.
In what is already a farewell, Weidmann thanked his colleagues on the ECB’s Governing Council under the leadership of Christine Lagarde by the open and constructive atmosphere in the sometimes difficult discussions of recent years and underlines the important stabilizing role of monetary policy during the pandemic, as well as the successful conclusion of the strategy review as an important milestone in European monetary policy .
Weidmann notes that the Bundesbank had confidently contributed its analytical competence and fundamental convictions to the recently concluded review process. “A symmetrical and clearer inflation target has been agreed. More attention must be paid to secondary effects and, in particular, to financial stability risks. A specific overshoot of the inflation rate was rejected,” continues Weidmann.
Looking ahead, he notes that it now depends on how this strategy is “lived” through concrete monetary policy decisions. “In this context, being crucial,” says Weidmann, “is not looking one-sided at deflationary risks, but also not losing sight of possible inflationary dangers.
A stability-oriented monetary policy will only be possible in the long term If the regulatory framework of the Monetary Union Continuing to ensure unity of action and responsibility, monetary policy respects its limited mandate and is not caught in the wake of fiscal policy or financial markets. This remains my firm personal conviction, as does the great importance of the independence of monetary policy. “
He emphasizes that it has been an honor and a matter close to his heart during all these years to represent the Bundesbank as an institution and to shape the positions of the Bank together with his colleagues for the sake of a stable currency, a stable, stable financial system. payment systems and a secure supply of cash.
Weidmann expressed special thanks to the members of the Executive Committee. Together, they had positioned the Bundesbank as a competent and nimble institution that treated its staff with respect and acted with transparency towards the public.
According to the criteria of
The Trust Project Learn more