Economist Joachim Nagel is to be appointed as the new president of Deutsche Bundesbank. Jan Pieter Krahnen, Director of the Leibniz Institute for Financial Research SAFE, comments as follows:
“I consider Joachim Nagel an excellent choice for the office of Bundesbank President. He has many years of expertise in capital market analysis and development. This kind of expertise plays a prominent role in today’s monetary policy debate given large bond purchase programs. Therefore, Joachim Nagel is also particularly suited to represent and develop the positions in a technical discussion that will advance Europe as a whole and at the same time fulfill the mandate of the Bundesbank and the European Central Bank, namely, to prevent inflation.
In the ECB governing council, Joachim Nagel will make a name for himself less as a ‘hawk’ or a ‘dove’ neither as a hardliner nor as a particularly lenient monetary policymaker. Rather, he is an expert who knows how to respond to the arguments of his discussion partners, conduct a dialog and thus work out a joint result. This ability is particularly important when it comes to Germany’s role in the Governing Council and finding a consensus there that the Bundesbank can also support.”