New man to lead the Bundesbank

IN a mark of continuity, Jens Weidmann, Angela Merkel’s chief economic adviser and a protege of his predecessor Axel Weber, will be the next Bundesbank president.

At just 42, Weidmann will be its youngest-ever head when he takes the helm on 1 May, but he backs the same tough stance on inflation as German chancellor Merkel and Weber.

He is also known as politically-savvy and able to provide a more diplomatic tone than Weber, who has been criticised for opposing key European Central Bank policies such as its bond buying programme.

Merkel said Weidmann would maintain Germany’s policy to keeping the euro stable by fighting inflation, pursued under Weber.

“Everyone acquainted with Jens Weidmann knows he is highly competent on the issues, has a brilliant intellect and an independent mind,” Merkel said.

She added: “We are all convinced that he will be an outstanding president of the Bundesbank and will represent Germany and use his voice in the European Central Bank to promote a stability culture.”

Weidmann has spent the past five years advising Merkel through the credit crunch, recession and Eurozone sovereign debt crisis. department.

He has also worked at the International Monetary Fund and in the Bundesbank’s monetary policy team.