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10/20/2021, 11:47 AM (Source: TeleTrader)
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Bundesbank chief Weidmann resigns

Deutsche Bundesbank President and European Central Bank Governing Council member Jens Weidmann (pictured) asked German President Frank-Walter Steinmeier on Wednesday to remove him from his post at the German central bank on December 31, 2021.

He said that personal reasons were behind his decision to leave the Bundesbank after leading it for over a decade.

"[I]t will be crucial not to look one-sidedly at deflationary risks, but not to lose sight of prospective inflationary dangers either... A stability-oriented monetary policy will only be possible in the long run if the framework of the monetary union ensures the unity of action and liability, monetary policy respects its narrow mandate and does not get caught in the wake of fiscal policy or the financial markets," Weidmann said in his farewell letter.

Baha Breaking the News (BBN) / MS