Monday 21 May 2018

Jens Weidmann - the next President of the ECB?

Jens Weidmann reports that he is ready to succeed Mario Draghi as the next president of the ECB. The strongest trump to the head of the German central bank so far is that he wants the position. But if this is enough to get the role of the most important "central banker" in Europe, we are yet to see.
Weidmann believes that every member of the Governing Council of the ECB should have a willingness to contribute to monetary policy and under another role, the German said in a special weekend interview.
According to Weidmann, public discussions about who will inherit Draghi at the end of his mandate from the end of 2019 began "too early". The European authorities will hardly decide who will be Dragh's heir this year, Weidmann said.
Weidmann became head of the German central bank in 2011. So far, he refused to comment on his chances of being a heir to Draghi and a key candidate for the ECB's post.
Weidmann is considered to be one of the most aggressive Eurozone members of the Monetary Committee.
The expert, however, is expected to have a lot of competition for the post. So far, other representatives of the Monetary Policy Committee have expressed their wish for the position of Draggi. One of them was Erkki Liikanen, the head of Finnish central bank. On Saturday, he said he was open to considering the proposal for this post if invited.
Weidmann has not once and twice announced the recent ending of the ECB's incentives. The eurozone is doing well and its economy does not need such incentives, says the German candidate.
The next ECB interest rate meeting will be on June 14th. It is expected to give more clarity about the future of monetary policy.


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