BASEL, Switzerland (MNI) – Bundesbank President Jens Weidmann will
not follow the example of European Central Bank Executive Board member
Juergen Stark by quitting his position, Weidmann said Monday.
Speaking to journalists on the margins of the bi-monthly meeting of
central bankers at the Bank for International Settlements, Weidmann, who
is also a member of the ECB’s Governing Council, said, “I see no reason
to follow Mr Stark, but rather I feel encouraged to continue on the ECB
Governing Council to fight for my belief in monetary stability and the
independence of the central bank.”
ECB Chief Economist Stark announced Friday that he would be leaving
the central bank once a successor has been identified. He cited personal
reasons, but it is widely assumed that like former Bundesbank President
Axel Weber in April, Stark’s departure reflects his dissatisfaction with
the anti-crisis course pursued by the ECB.
–Frankfurt bureau tel.: +49-69-720142. Email: frankfurt@marketnews.com
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