Jens Weidmann ©Frank Rumpenhorst

Executive Board endorses second term of office for Weidmann

The Bundesbank’s Executive Board has endorsed the nomination of Jens Weidmann for a second term of office as Bundesbank President. The Executive Board notified the Federal Government that it had no objections to the Federal Cabinet’s nomination. Sources on the Executive Board were quoted as saying that the board was looking forward to continuing to work together with Mr Weidmann. Alongside the President, the Executive Board also comprises Vice-President Claudia Buch, Burkhard Balz, Johannes Beermann, Sabine Mauderer and Joachim Wuermeling.

Continuing to play a role in shaping the monetary policy debate

At the end of February, the Federal Cabinet had decided to submit a proposal to the Federal President that Mr Weidmann be nominated for a second term. Commenting on this decision, Mr Weidmann said that he was “delighted by the government’s decision and the chance to continue participating in the monetary policy debate”. Now that – in accordance with the Bundesbank Act – the Bundesbank’s Executive Board has been consulted, the Federal Cabinet can present the proposal to the Federal President, who will then appoint Mr Weidmann to a second eight-year term as Bundesbank President.

Mr Weidmann, born in Solingen, Germany, on 20 April 1968, succeeded Axel Weber as President of the Bundesbank on 1 May 2011. Previously, he had headed the Economic and Fiscal Policy Division at the Federal Chancellery from 2006 to 2011, also serving as the Federal Chancellor’s sherpa for the world economic summits of the G8 and G20 countries. Mr Weidmann had already worked at the Bundesbank from 2003 to 2006. During that stint, he was head of the Bundesbank’s Monetary Policy and Analysis Division and also deputised for the head of the Directorate General Economics.