German Central Bank Chief Jens Weidmann Steps Down

Source: Financial Times

Germany’s central bank chief Jens Weidmann is set to step down just weeks ahead of the country’s general election. EWG is up 0.09%.

• Weidmann, one of the vocal critics of the European Central Bank’s ultra-loose monetary policy, decided to step down after a decade in his post.
• Weidmann said he believes that over a decade is a “good time” to start a new chapter for both the Bundesbank and for him personally.
• The official earlier often opposed the central bank’s bond-buying, along with negative interest rate policies.
• The announcement comes two years after his mandate was extended for another eight years, amid the ongoing negotiations of local political parties.
• The European Central Bank is gearing for a vital meeting in December to discuss the winding down of the stimulus package for COVID-19 response.