Jens Weidmann

from Wikipedia, the free encyclopedia
Jens Weidmann (2012)

Jens Weidmann (born April 20, 1968 in Solingen ) is a German economist . On May 1, 2011, he was appointed the youngest President of the Deutsche Bundesbank to date . Since November 1, 2015, he has been Chairman of the Board of Directors of the Bank for International Settlements in Basel . As President of the Deutsche Bundesbank, he is a member of the Governing Council.

On October 20, 2021, Weidmann announced that he would be stepping down as President of the Deutsche Bundesbank at the end of 2021.

training

In 1987 Weidmann obtained his Abitur at the high school in the Taus in Backnang , Baden-Württemberg . He then studied economics at the Rheinische Friedrich-Wilhelms-Universität Bonn . He completed internships at the German Ministry of Economic Affairs , the Banque de France and the Central Bank of Rwanda .

Work on his dissertation he started in 1993 at the Mannheim economist Roland Vaubel she interrupted there for a year and put them in the money theorist Manfred JM Neumann at the University of Bonn , where he 1997 Dr. rer. pole. was awarded a doctorate . The second reviewer was Axel A. Weber , who later became President of the Bundesbank , who was then a professor in Bonn.

Professional activities

From 1997 to 1999 he worked at the International Monetary Fund . He then became Secretary General of the Expert Council for the Assessment of Macroeconomic Development . After Axel Weber , who had been a member of the Advisory Council since 2002, was appointed President of the Bundesbank in 2004, he appointed Jens Weidmann as his department head for monetary policy and monetary analysis and later as deputy head of the central economics department. In 2006, Federal Chancellor Angela Merkel appointed Jens Weidmann as a ministerial director to head Division IV (Economic and Financial Policy) in the Federal Chancellery . After Weidmann was already responsible for the content-related and strategic preparation of the G20 round , the Chancellor also assigned him the role of G8 chief negotiator ( “Sherpa” ) in December 2009 .

In February 2011 Angela Merkel announced his appointment as President of the Deutsche Bundesbank to succeed Axel Weber. He received the certificate of appointment on April 29, 2011 from the then Federal President Christian Wulff .

In his inaugural address he stated:

"Monetary policy is about getting out of the crisis-related special measures and a clear separation of responsibilities between monetary and fiscal policy ."

Since then, the Greek financial crisis has preoccupied European politics, the politics of individual countries in the euro zone , the ECB and the central banks to a great extent.

Jens Weidmann (2017)

In July 2011, Weidmann expressed clear criticism of German politics at the time and spoke out against the European rescue fund buying up government bonds . In September 2011, Weidmann distanced himself from the crisis policy of the European Central Bank (ECB), which, with its monetary policy measures to calm the markets, had taken considerable risks on its balance sheet, for which 27 percent of German taxpayers had to take responsibility. Before the budget committee of the Bundestag, Weidmann criticized the increase in the guarantee framework for the EFSF to 780 billion euros. In February 2012, Weidmann warned of the growing risks within the Target 2 euro central bank system and proposed stronger collateral for claims against the financially weak central banks in euro countries worth more than 800 billion euros (including around 500 billion euros for the German Bundesbank alone ) had achieved. Due to the financial crisis, the requirements for collateral were reduced by a decision of the Governing Council.

In June 2012, he rejected the demand of the Italian Prime Minister Mario Monti that Italy should receive billions from the euro rescue packages EFSF and ESM without fulfilling the stipulated conditions:

"Monti's proposal boils down to state financing through the printing press, which is prohibited by the EU treaties."

In September 2012, Weidmann was the only one to vote “No” at the ECB Council meeting against the decision of the ECB to buy unlimited government bonds from member states under certain conditions. The ECB's approach is too close to government financing and distributes considerable risks between taxpayers from different countries. Weidmann called for a public debate on buying up government bonds. This is rejected by Germany's finance minister.

On June 11th and 12th, 2013 the Federal Constitutional Court heard ; Weidmann and Jörg Asmussen , among others, were interviewed.

In September 2014, Weidmann pointed out the risks of the ECB's policy (especially low interest rates and the purchase of Pfandbriefe) and loan packages ( asset-backed securities / ABS). However, he opposed an early termination of the purchase program that had once been decided. In mid-April 2015 there was no vote against the purchase program in the Governing Council.

In December 2014, Weidmann criticized the EU Commission for giving the seven countries that wanted to take on too much debt in 2015 more time to bring their budgets into line with the deficit criteria: the financial crisis had shown how important it is to adhere to the rules of the game .

In the course of the ruling by the Federal Constitutional Court on the ECB's government bond purchase program (PSPP) , Weidmann, as President of the Deutsche Bundesbank, was forced to comment on the Eurosystem's securities purchase programs and promised to explain the ECB's monetary policy decisions to the Bundestag's finance committee .

In October 2021, three weeks after the federal election in 2021, he announced his resignation as President of the Bundesbank on December 31, 2021 for personal reasons.

reception

Weidmann was seen as a representative of a restrictive monetary policy . His views were controversial from 2012 onwards. The French Minister of Economic Affairs, Arnaud Montebourg Weidmann and Wolfgang Schäuble, described 2014 as the “ hawks of inflation”. Montebourg resigned from the French government after his attacks on Schäuble and Weidmann.

Outside employment

The disclosure obligation of the members of the Governing Council shows that Weidmann is a member of several foundations and associations.

Awards

Web links

Individual evidence

  1. ^ Kassian Stroh: Weidmann resigns as head of the Bundesbank. In: Süddeutsche Zeitung . Süddeutscher Verlag , October 20, 2021, accessed on October 20, 2021 .
  2. ^ Manfred JM Neumann, Jens Weidmann: The information content of German discount rate changes. In: European Economic Review. Volume 42, Number 9, 1998, pp. 1667-1682 doi: 10.1016 / S0014-2921 (97) 00110-4 .
  3. ^ Andreas Rinke, Olaf Storbeck: Merkel recruits Bundesbank economist. In: handelsblatt .com. February 2, 2006, accessed January 14, 2017 .
  4. ↑ Peter Ehrlich, Mark Schieritz: Jens Weidmann: Merkels Ordnungspolitiker ( Memento from June 10, 2009 in the Internet Archive ) , Financial Times Germany , February 2, 2006.
  5. ↑ Claus Hulverscheidt: Talents: Jens Weidmann (14) - Merkel's Adlatus. In: sueddeutsche.de . May 17, 2010. Retrieved January 14, 2017 .
  6. ↑ Summit Commissioner: Merkel appoints new Super Sherpa. In: Spiegel Online . December 10, 2009. Retrieved January 14, 2017 .
  7. ↑ Claus Hulverscheidt: Bundesbank: Successor to Axel Weber - Weidmann - a man for all cases. In: sueddeutsche.de . February 15, 2011, accessed January 14, 2017 .
  8. ↑ Martin Greive: New head of the Bundesbank: His ex-professor thinks Weidmann is unsuitable. In: welt.de . February 16, 2011, accessed January 14, 2017 .
  9. ↑ Johannes Aumüller: Dispute about the new Bundesbank boss - "The colleague is just offended". In: sueddeutsche.de . February 17, 2011, accessed January 14, 2017 .
  10. ↑ Federal President appoints Weidmann as the new head of the Bundesbank. In: de.reuters.com. April 29, 2011. Retrieved January 14, 2017 .
  11. ↑ Rolf Obertreis: Economy: The Mahner in Frankfurt. In: badische-zeitung.de. April 27, 2012. Retrieved January 14, 2017 .
  12. ^ Bundesbank President Weidmann attacks German euro policy. Zeit Online , July 13, 2011, accessed August 26, 2011 .
  13. ↑ Bond purchases by the ECB: Bundesbank boss warns of billions in risks. In: Spiegel Online . September 17, 2011, accessed January 14, 2017 .
  14. ↑ FAZ.NET with Reuters and dpa: Weidmann continues to warn of a transfer union. In: FAZ.net . September 19, 2011, accessed January 14, 2017 .
  15. ↑ dab / Reuters: Target2 system: Weidmann warns Draghi of balance sheet risks. In: Spiegel Online . March 1, 2012, accessed January 14, 2017 .
  16. ^ Cerstin Gammelin: Veto von Weidmann - Bundesbank boss brakes Monti. In: sueddeutsche.de . June 25, 2012. Retrieved January 14, 2017 .
  17. ↑ Weidmann's veto - Bundesbank boss brakes Monti. In: sueddeutsche.de . June 25, 2012. Retrieved January 14, 2017 .
  18. ↑ Reuters: Schäuble and Weidmann keep their distance. In: handelsblatt .com. September 16, 2012, accessed January 14, 2017 .
  19. ↑ ECB bond purchases: Weidmann reiterates his criticism. In: Spiegel Online . September 6, 2012, accessed January 14, 2017 .
  20. ↑ Sebastian Jost: Constitutional Court: Top economist Sinn accuses the ECB of obfuscation. In: welt.de . June 12, 2013. Retrieved January 14, 2017 .
  21. ↑ dpa: Weidmann: Increasing risks from ECB crisis policy. In: FAZ.net . September 13, 2014, accessed January 14, 2017 .
  22. ^ Weidmann against early withdrawal from the ECB bond program. In: de.reuters.com. May 22, 2015. Retrieved January 14, 2017 .
  23. ^ Deficit dispute: Bundesbank President Weidmann criticizes the EU Commission. In: Spiegel Online . December 2, 2014, accessed January 14, 2017 .
  24. ↑ Weidmann explains the ECB to the Bundestag spiegel.de of June 19, 2020.
  25. ^ Bundesbank: President Weidmann resigns at the end of the year . In: The mirror . October 20, 2021, ISSN  2195-1349 ( spiegel.de [accessed October 20, 2021]).
  26. ↑ Peter Müller, Christian Reiermann, Michael Sauga, Christoph Schult, Anne Seith: The last falcon. In: Spiegel Magazin . 2011, accessed February 24, 2021 .
  27. ↑ Holger Steltzner: ECB commentary: Taube, falcon and prices. In: FAZ.net . Retrieved February 24, 2021 .
  28. ↑ Doubling Down. In: Paul Krugman Blog. May 8, 2012, Retrieved February 24, 2021 (American English).
  29. ^ Why the Bundesbank is wrong. Financial Times, accessed February 24, 2021 .
  30. ↑ Why falcons fight pigeons at the ECB. October 18, 2019, accessed February 24, 2021 .
  31. ↑ La BCE a raison, les faucons ont tort. September 19, 2019, accessed February 24, 2021 (French).
  32. ↑ Georg Blume: Arnaud Montebourg: "I count Schäuble among the falcons". In: Zeit Online , September 18, 2014.
  33. ↑ https://www.ecb.europa.eu/ecb/access_to_documents/document/declarations/shared/pdf/ecb.dr.dec200402_declarations_of_interest_withIndex.en.pdf?20ee7eb761c11b6eda64f354672eb46e
  34. ^ Deutsche Bundesbank - Speeches - Financial and monetary policy - too close a connection? In: bundesbank.de. February 27, 2013, accessed January 14, 2017 .
  35. ↑ Jens Weidmann receives the Wolfram Engels Prize. Market Economy Foundation, March 28, 2014, accessed June 15, 2016 .
  36. ↑ High Decoration of Honor of the Republic for Bundesbank President Jens Weidmann . OTS announcement of March 26, 2018, accessed on March 27, 2018.
  37. ↑ Sebastian Sigler: Weidmann receives the Freedom Prize of the Media 2018 . In: TheEuropean . January 13, 2018 ( theeuropean.de [accessed January 17, 2018]).
personal data
SURNAME Weidmann, Jens
BRIEF DESCRIPTION German economist
BIRTH DATE April 20, 1968
PLACE OF BIRTH Solingen