Jürgen Stark (economist)

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Jürgen Stark (2013)

Jürgen Stark (born May 31, 1948 in Gau-Odernheim ) is a German economist . From 2006 to 2012 he was Chief Economist and a member of the Executive Board of the European Central Bank (ECB). On September 9, 2011, he announced that he would resign "for personal reasons" as soon as a successor was found. Previously, the board members Jörg Asmussen and Benoît Cœuré were favored for the post; on January 3, 2012 it was announced that Peter Praet would become the new chief economist of the ECB.

Life

From 1968 to 1973, Stark studied economics at the University of Hohenheim and at the Eberhard Karls University of Tübingen . He received his doctorate in economics in 1975. From 1978 to 1988 he worked as a consultant in the economic policy department at the Federal Ministry of Economics . From 1988 to 1992 he was head of the Foreign Trade, Money and Currency, Financial Markets department in the Federal Chancellery . During this time the Berlin Wall fell , broke up the Soviet bloc , ended the German division ; On July 1, 1990 , the D-Mark became legal tender in the GDR. From October 1992 he was head of the national currency policy, capital market policy, financial center Germany, borrowing department in the Federal Ministry of Finance .

From 1993 to 1994 Jürgen Stark was head of the department for international currency and financial relations, financial relations of the European Community in the Federal Ministry of Finance. 1995 to 1998 he was State Secretary in the Federal Ministry of Finance (under Theo Waigel ); there he played a key role in the introduction of the euro . From September 1998 he was Vice President of the Deutsche Bundesbank. From May 1, 2002, Jürgen Stark was responsible for international relations and auditing on the board of the Deutsche Bundesbank . When Ernst Welteke suspended his post as Bundesbank President in April 2004, Stark was interim President until Axel A. Weber was appointed as the new President.

In June 2006, Stark succeeded Otmar Issing as a member of the board of directors of the European Central Bank, while at the same time taking on part of his duties. He was responsible for the "Economics" division. The research department from Issing's former portfolio, however, went to ECB Vice-President Loukas Papadimos .

On September 9, 2011, Stark announced his resignation from his position as a member of the Executive Board of the ECB “for personal reasons”. Later, in December 2011, he justified his resignation with his dissatisfaction with the development of the EU monetary union. According to Spiegel information, Stark sent a farewell letter to 1,600 ECB employees in January 2012. In it he criticized the behavior of the institution in the euro crisis . He accuses his ex-colleagues in the Governing Council of having made decisions "that have stretched the ECB's mandate to extremes". He sees the risk that the central bank will increasingly “operate under fiscal dominance” because of its purchases on the bond market. It is an “illusion to believe that monetary policy can solve major structural and fiscal problems in the euro zone”. Whenever in history a central bank has subordinated itself to budget policy, it has had to make concessions in its actual task - to keep the monetary value stable. The ECB has entered a " vicious circle ".

Stark gave more information on his resignation as chief economist of the ECB in April 2012. With the rescue plan for Greece 2010 and the associated liability of the other EU states for the liabilities of Greece, the purchase of government bonds , the EFSF then created with the planned permanent one ESM stability mechanism “the concept for economic and monetary union has been turned completely on its head.” “That was not provided for in the Maastricht Treaty .” He no longer wanted to support the interference and demands of politics against the ECB. In 2014 he said: "Our monetary system is pure fiction and I recommend that citizens protect part of their fictional savings and invest them in gold and silver."

In August 2012 it was announced that Stark was moving into the board of trustees of the non-profit Bertelsmann Foundation . Above all, his financial and economic policy expertise was discussed.

Awards and honors

Web links

  • Guest contribution by Stark (FAZ.net, January 21, 2015): Expertise: Inadequate (The EU Advocate General has nothing against the ECB's bond purchases. He admits that judges do not have enough expertise in this matter)

Individual evidence

  1. ↑ Belgian Peter Praet becomes the new chief economist of the ECB. Retrieved January 3, 2012 .
  2. ↑ the then economics ministers were Otto Graf Lambsdorff (1977–1982 and 1982 to 1984) and Martin Bangemann (until 1988)
  3. ↑ Wirtschaftswoche of May 29, 2010: "We are in a new critical phase" (interview)
  4. ↑ yes / Reuters / dpa EZB loses its chief economist on Spiegel.de accessed on September 9, 2011
  5. ↑ wiwo.de: juergen-stark-die-markets-were-only-temporarily-calmed down, accessed on December 21, 2011
  6. ↑ spiegel.de: Ex-currency watchdog Stark attacks ECB course
  7. ↑ handelsblatt.com March 25, 2012: Interview
  8. ↑ Information from the ZDF broadcast Maybrit Illner
  9. ↑ Wirtschaftswoche , issue No. 30 of July 21, 2014, p. 92
  10. ↑ Board of Trustees of the Bertelsmann Stiftung expanded - Jürgen Stark new member. In: Focus Online. August 27, 2012, accessed May 15, 2020 .
  11. ^ Annette Becker: People: Stark works for Bertelsmann . In: Börsen-Zeitung . August 29, 2012, p. 16 .
  12. ↑ List of all decorations awarded by the Federal President for services to the Republic of Austria from 1952 (PDF file; 6.59 MB)
  13. ↑ Inaugural lecture (pdf)
personal data
SURNAME Strong, Jürgen
BRIEF DESCRIPTION German economist, Vice President of the Deutsche Bundesbank
DATE OF BIRTH May 31, 1948
PLACE OF BIRTH Gau-Odernheim