ECB hawk and German central bank chief Jens Weidmann quits, cites personal reasons


Alex Kraus | Bloomberg | Getty Images

European Central Bank member Jens Weidmann announced Wednesday that he will be stepping down as governor of the German central bank at the end of the year due to personal reasons.

“I have come to the conclusion that more than 10 years is a good measure of time to turn over a new leaf — for the Bundesbank, but also for me personally,” Weidmann said in a letter to the bank’s staff.

He has been in charge of the German central bank since 2011 — at the height of the sovereign debt crisis in the euro zone. Throughout his tenure, Weidmann has been one of the biggest names within the decision-making body of the ECB, famous for his more conservative views on policy.

Weidmann’s departure comes at a time when the ECB has a difficult choice to make over what to do with higher inflation across the region.

Speaking about ECB policy on Wednesday, Weidmann said the bank played a “stabilizing role of monetary policy during the pandemic” and highlighted the recent decision to have a “symmetrical, clearer inflation target.”

“Side effects and in particular financial stability risks are to be given greater attention,” he said.

This is a breaking news story, please check back later for more.

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