Bundesrat nominates Burkhard Balz for Bundesbank Executive Board
The Bundesrat decided at its 23 March session to nominate Burkhard Balz to succeed Andreas Dombret as a member of the Bundesbank’s Executive Board. Mr Dombret will be leaving the institution on 30 April 2018 after serving an eight-year term of office on its Executive Board. The formal task of appointing Mr Balz as a new Executive Board member now lies with Germany’s Federal President, Frank-Walter Steinmeier.
Mr Balz is expected to take up his new role on 1 September 2018. Until then, Mr Dombret’s responsibilities will be allocated among members of the Executive Board pursuant to the deputisation arrangements that are in place. Under these arrange-ments, Bundesbank President Jens Weidmann will assume responsibility for the Risk Control Division, while Executive Board member Joachim Wuermeling will temporarily oversee the representative offices and the Directorates General Banking Supervision and Economic Education.
Burkhard Balz is a trained bank clerk and studied law. He has represented the Christian Democratic Union in the European Parliament since 2009, serving as the EPP Group’s coordinator on the Committee on Economic and Monetary Affairs since 2014. Prior to that, he spent several years working at various locations in Europe and Japan for Commerzbank.
Procedure governed by Bundesbank Act
The procedure for filling the Bank’s six Executive Board positions is governed by the Act concerning the Deutsche Bundesbank (Bundesbankgesetz), which states that the President, the Vice-President and one other Executive Board member are nominated by the Federal Government, and the other three members by the Bundesrat in agreement with the Federal Government. The Federal Government and the Bundesrat are also required to consult the Executive Board with regard to their nominations. Executive Board members are then appointed by the Federal President.