Weidmann resigns after ten years in the presidency of the Bundesbank

Bundesbank President

today asked Federal President

to remove him from office on December 31, 2021.

Weidmann, who has run the German regulator since May 2011, cites personal reasons.

"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 he refers to the achievements jointly achieved by the bank's employees in an environment that has changed enormously and the tasks of the

have grown.

"The financial crisis, the sovereign debt crisis and more recently the pandemic have led to policy 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 not only led 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

for the open and constructive atmosphere in the sometimes difficult discussions of recent years and underlined the important stabilizing role of the 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 clearer and symmetric inflation target has been agreed. More attention must be paid to secondary effects and, in particular, financial stability risks. A specific overshoot of the inflation rate was rejected," continues Weidmann.

Looking ahead, he points out that it now depends on how this strategy is "lived" through concrete monetary policy decisions.

"In this context, it will be crucial," says Weidmann, "not to look one-sided at deflationary risks, but also not to lose sight of possible inflationary dangers.

A stability-oriented monetary policy will only be possible in the long term If the regulatory framework of the

continues 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 strong 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 Bank's positions 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 agile institution that treated its staff with respect and acted with transparency towards the public.

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