Angela Merkel has confirmed that Jens Weidmann, her chief economic adviser, will become the next president of Germany’s central bank. The 42-year old will take the helm on May 1, becoming the youngest president in the Bundesbank’s history. – FT
As time passes, the rifts between the Bundesbank and the ECB grow wider. So do the rifts between what German citizens want and what German chancellor Angela Merkel is willing to do to "save the euro".
Merkel increasingly (and as expected) does what she need to do to preserve he legacy, consequences (and Germany) be damned.
Please consider Merkel tries to calm storms over Greece, ECB policy
The Bundesbank's Jens Weidmann appears to have no clue that the ECB (and thus the Bundesbank) is failing in its mission to stabilize inflation at a level "near to but below 2%/year", and no desire to actually have it accomplish its assigned mission:
FRANKFURT — The eurozone crisis is not over, France’s reforms are slipping and the Bundesbank has set aside billions in new provisions against what it sees as risky European Central Bank moves, Germany’s central bank said on Tuesday.
Presenting Bundesbank 2012 results that showed a sharp increase in its risk provisions, the German central bank’s chief, Jens Weidmann, urged governments to tackle the roots of their troubles with reforms.
Chancellor Angela Merkel is now under pressure from a third front, this time, from Jens Weidmann, president of the Bundesbank (Germany's Central Bank).
The Financial Times reports Weidmann warns Merkel over weakening
Germany’s top central banker has criticised the decisions of last week’s summit to help debt-laden eurozone members, warning that the bloc was “constantly mutualising risks and weakening the agreed rules”.
"The concept of an independent central bank clearly focused on price stability is neither old-fashioned nor outdated," exclaimed Bundesbank head Jens Weidmann. As The WSJ reports, he criticized the European Central Bank’s decision to buy private-sector bonds and signaled his fierce opposition to purchasing government bonds, underscoring his reluctance to back additional stimulus measures to combat weakness in the eurozone economy.
It took Germany's central bank less than a day to knock a reported proposal by the ECB to set interest rates caps on Spanish and Italian bond yields.
Bloomberg reports Bundesbank Widens Euro Rift With Criticism of ECB Bond Plan.
Germany’s Bundesbank stepped up its criticism of the European Central Bank’s plan to embark on potentially “unlimited” government bond purchases, widening a rift over how to tackle the sovereign debt crisis.
BERLIN (Reuters) - The head of the German central bank has the right to express his views on the euro zone crisis, Chancellor Angela Merkel said on Monday, after her finance minister suggested Bundesbank chief Jens Weidmann's comments may be having a harmful effect. "The European Central Bank's independence is for us important and I will not comment on (Weidmann's) remarks on ECB policy," Merkel told a news conference. "I know him and I know he is very concerned that the crisis is resolved in a truly sustainable way and that the euro is a stable currency," she added. ...
German Chancellor Angela Merkel voiced support for Bundesbank chief Jens Weidmann on Sunday, saying she welcomed his warnings about the handling of the euro zone debt crisis and saw his influence within ...
BERLIN (Reuters) - German Chancellor Angela Merkel voiced support for Bundesbank chief Jens Weidmann on Sunday, saying she welcomed his warnings about the handling of the euro zone debt crisis and saw his influence within the European Central Bank as positive.