herald

Wednesday 15 August 2018

New chief for bank

CHANCELLOR Angela Merkel (right) has appointed her economic adviser Jens Weidmann to head the Bundesbank -- at 42 the youngest president in the bank's 53-year history.

Mr Weidmann replaces Prof Axel Weber, who announced last week that he would not be standing for a second term and would be leaving the Frankfurt central bank in April, a year earlier than scheduled.

The German leader dismissed criticism she had impinged on the Bundesbank's independence by appointing a close aide.

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