New Bundesbank representative in Singapore

Group picture at the official handover in Singapore ©Sascha Kienzle / German Ambassador to Singapore
Patrick Hoffmann, Andreas Dombret, Jacqueline Loh (Monetary Authority of Singapore), Michael Witter (German Ambassador to Singapore) and Min-Kyu Jang
Bundesbank Executive Board member Andreas Dombret has paid a visit to Singapore to mark Min-Kyu Jang's appointment as the Bank's new representative in the country. Mr Dombret's speech touched on a number of topics, including the close-knit nature of the financial markets, stating that "a minor irritation at one end of the world can spread like wildfire and pose a threat to the entire financial system." He added that the Bundesbank was responding to this state of play in a number of ways, including seconding representatives to major financial centres – not just Singapore, but also Beijing, Mumbai, Paris and Brussels.

Observing financial and economic developments

"Our representatives are there to observe local financial and economic developments, maintain contact with central bank, finance ministry and bank representatives, and explain the Bundesbank's position," Mr Dombret said. Patrick Hoffmann, the Bank's outgoing representative in Singapore, had excelled in performing these duties over the past three years, Mr Dombret added. Mr Jang will be leaving his current position as market analyst at the Bundesbank's Central Office in Frankfurt am Main to succeed Mr Hoffmann on 1 July.