Cabinet confirms personnel: Nagel becomes President of the Bundesbank

BERLIN (dpa-AFX) – The economist Joachim Nagel is the new President of the Deutsche Bundesbank and thus successor to Jens Weidmann. Government spokesman Steffen Hebestreit in Berlin said the Federal Cabinet agreed on this change on Wednesday. Federal Chancellor Olaf Scholz (SPD) and Finance Minister Christian Lindner (FDP) had proposed the 55-year-old for the post.

Nagel is scheduled to start work on January 1st. Hebestreit honored him as a recognized economist and recognized financial market expert. He will continue the stability-oriented legacy of Weidmann at the Bundesbank.

Weidmann is stepping down on December 31 for personal reasons. Nagel, who is a member of the SPD, was on the board of directors of the Bundesbank from 2010 to 2016, then went to the KfW development bank and most recently worked at the Bank for International Settlements (BIS), which is also known as the central bank of the central banks./tam/DP / jha

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