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
Berlin (AFP) - The head of Germany's central bank on Saturday voiced his "scepticism" about the ECB's decision to launch a trillion-euro bond-buying programme in a bid to ward off deflation and boost the eurozone economy.
There's been no shortage of headlines out of Germany this week, showing just how much the country is now pitted against other eurozone countries, central bank authorities and international institutions.
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:
With EURUSD hardly budging, constantly disappointing economic data (from periphery to the core now), and central bank transmission mechanisms that are entirely clogged and useless for anything but stuffing the pockets of bloated bank balance-sheets with domestic sovereign debt, it is no wonder Germany's Bundesbank has said 'enough'. "If we pursued our own monetary policy... it would look different," explained Bundesbank chief Jens Weidmann.
"The concept of an independent central bank clearly focused on price stability is neither old-fashioned nor outdated," exclaimed Bundesbank head Jens Weidmann.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.
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”.