Jens Weidmann
Encyclopedia
Jens Weidmann is a German
economist and president of the Deutsche Bundesbank
. Before assuming the top Bundesbank position in 2011, from February 2006, he served as Head of Division IV (Economic and Financial Policy) in the Federal Chancellery
. He was the chief negotiator of the Federal Republic of Germany for both the summits of the G8
and the G20.
, Baden-Württemberg
after which he studied economics at Université Paul Cézanne Aix-Marseille III, the University of Paris
, and University of Bonn
. He received his doctoral degree under the auspices of monetary theorist Manfred J. M. Neumann. During his studies Weidmann had internships at the Banque de France
and the National Bank of Rwanda
. Due to the resulting knowledge of the French financing sector his later career in German financial politics was welcomed in France and seen as a support of the Franco-German twin engine.
. Until 2004 he worked as Secretary of the German Council of Economic Experts
. From there he moved to the Bundesbank, where he was until 2006 the head of the Monetary Policy and Monetary Analysis group. Since 2006 he was responsible for preparing the content and strategy of the G-20 round
which was formed to counter the effects of the financial crisis. Chancellor Angela Merkel
promoted him in December 2009 to the influential role of the Sherpa of the G8 summits as she considers the G8 round to be only a pre-summit of the G20 round in the field of the world-wide financial system as well as that most other subjects need a wider context than the G8 as well (compare Heiligendamm Process
for G8+5).
In February, 2011, Weidmann was designated to succeed Axel A. Weber
as president of the Deutsche Bundesbank
. In September, with the ongoing European sovereign debt crisis, Weidmann was observed by a British commentator, David Marsh
, to be taking a "cool" course relative to Chancellor Merkel. Marsh wrote that Weidmann was saying the European Monetary Union (EMU) "has to go in one of two directions. Either it takes the path of a fiscal union in which member countries fuse together their economic and financial systems into a much more robust framework that will protect them from internal dislocation. Weidmann says, coolly, this is somewhat unlikely. Or EMU remains a looser grouping of countries that will face the discipline of the financial markets if they fail to produce economic convergence," namely exit from the EMU and default, looking particularly at Greece. Marsh also noted that Merkel is committed to the first course and so may come into conflict with her one-time economic adviser Weidmann.
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
economist and president of the Deutsche Bundesbank
Deutsche Bundesbank
The Deutsche Bundesbank is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks . Due to its strength and former size, the Bundesbank is the most influential member of the ESCB. Both the Deutsche Bundesbank and the European Central Bank are...
. Before assuming the top Bundesbank position in 2011, from February 2006, he served as Head of Division IV (Economic and Financial Policy) in the Federal Chancellery
German Chancellery
The German Chancellery is a federal agency serving the executive office of the Chancellor, the head of the German federal government. The chief of the Chancellery holds the rank of either a Secretary of State or a Federal Minister ...
. He was the chief negotiator of the Federal Republic of Germany for both the summits of the G8
G8
The Group of Eight is a forum, created by France in 1975, for the governments of seven major economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. In 1997, the group added Russia, thus becoming the G8...
and the G20.
Academic career
In 1987 Weidmann graduated from gymnasium in BacknangBacknang
Backnang is a town in Germany in the Bundesland of Baden-Württemberg, roughly 30 kilometers northeast of Stuttgart. Its population has increased greatly over the past century, from 7,650 in 1900 to 35,761 in 2005....
, Baden-Württemberg
Baden-Württemberg
Baden-Württemberg is one of the 16 states of Germany. Baden-Württemberg is in the southwestern part of the country to the east of the Upper Rhine, and is the third largest in both area and population of Germany's sixteen states, with an area of and 10.7 million inhabitants...
after which he studied economics at Université Paul Cézanne Aix-Marseille III, the University of Paris
University of Paris
The University of Paris was a university located in Paris, France and one of the earliest to be established in Europe. It was founded in the mid 12th century, and officially recognized as a university probably between 1160 and 1250...
, and University of Bonn
University of Bonn
The University of Bonn is a public research university located in Bonn, Germany. Founded in its present form in 1818, as the linear successor of earlier academic institutions, the University of Bonn is today one of the leading universities in Germany. The University of Bonn offers a large number...
. He received his doctoral degree under the auspices of monetary theorist Manfred J. M. Neumann. During his studies Weidmann had internships at the Banque de France
Banque de France
The Banque de France is the central bank of France; it is linked to the European Central Bank . Its main charge is to implement the interest rate policy of the European System of Central Banks...
and the National Bank of Rwanda
National Bank of Rwanda
The National Bank of Rwanda is the central bank of Rwanda. The bank was founded in 1964 and is quartered in Kigali; it operates Rwanda's principal securities exchange, the Rwanda Over The Counter Exchange.-History:...
. Due to the resulting knowledge of the French financing sector his later career in German financial politics was welcomed in France and seen as a support of the Franco-German twin engine.
Professional career
From 1997 to 1999 Weidmann worked at the International Monetary FundInternational Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
. Until 2004 he worked as Secretary of the German Council of Economic Experts
German Council of Economic Experts
The German Council of Economic Experts or ' is a group of economists set up in 1963 to advise the German government and Parliament on economic policy issues. Every year the Council prepares the annual report which is published before or by November 15...
. From there he moved to the Bundesbank, where he was until 2006 the head of the Monetary Policy and Monetary Analysis group. Since 2006 he was responsible for preparing the content and strategy of the G-20 round
G-20 major economies
The Group of Twenty Finance Ministers and Central Bank Governors is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank...
which was formed to counter the effects of the financial crisis. Chancellor Angela Merkel
Angela Merkel
Angela Dorothea Merkel is the current Chancellor of Germany . Merkel, elected to the Bundestag from Mecklenburg-Vorpommern, has been the chairwoman of the Christian Democratic Union since 2000, and chairwoman of the CDU-CSU parliamentary coalition from 2002 to 2005.From 2005 to 2009 she led a...
promoted him in December 2009 to the influential role of the Sherpa of the G8 summits as she considers the G8 round to be only a pre-summit of the G20 round in the field of the world-wide financial system as well as that most other subjects need a wider context than the G8 as well (compare Heiligendamm Process
Heiligendamm Process
The Heiligendamm process is an initiative that will institutionalize high-level dialogue between the G8 and the five most important emerging economies, known as the O5 : China, Mexico, India, Brazil and South Africa...
for G8+5).
In February, 2011, Weidmann was designated to succeed Axel A. Weber
Axel A. Weber
Axel Alfred Weber is a German economist, professor and banker. He teaches at the University of Chicago Booth School of Business and is a board member and prospective chairman of UBS...
as president of the Deutsche Bundesbank
Deutsche Bundesbank
The Deutsche Bundesbank is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks . Due to its strength and former size, the Bundesbank is the most influential member of the ESCB. Both the Deutsche Bundesbank and the European Central Bank are...
. In September, with the ongoing European sovereign debt crisis, Weidmann was observed by a British commentator, David Marsh
David Marsh (financial specialist)
David Marsh CBE is a British financial specialist, business consultant and writer on political, economic and monetary issues. He is chairman of Germany-headquartered management consultancy SCCO International and co-chairman of the Official Monetary and Financial Institutions Forum that links...
, to be taking a "cool" course relative to Chancellor Merkel. Marsh wrote that Weidmann was saying the European Monetary Union (EMU) "has to go in one of two directions. Either it takes the path of a fiscal union in which member countries fuse together their economic and financial systems into a much more robust framework that will protect them from internal dislocation. Weidmann says, coolly, this is somewhat unlikely. Or EMU remains a looser grouping of countries that will face the discipline of the financial markets if they fail to produce economic convergence," namely exit from the EMU and default, looking particularly at Greece. Marsh also noted that Merkel is committed to the first course and so may come into conflict with her one-time economic adviser Weidmann.
External links
- HandelsblattHandelsblattThe Handelsblatt is a leading German language business newspaper, published in Düsseldorf by the Verlagsgruppe Handelsblatt. It has a circulation of 145.437 daily copies. Its editor-in-chief is Gabor Steingart...
: Merkel wirbt Bundesbank Volkswirt ab, 2. Februar 2006 - FTDFinancial Times DeutschlandThe Financial Times Deutschland is a German language financial newspaper based in Hamburg, Germany, and is published by Gruner + Jahr. The newspaper contains four sections: Business, Politics & Economy, Finance, and Agenda .Founded in February 2000, the circulation grew to 103,000 readers in the...
: Jens Weidmann: Merkels Ordnungspolitiker von Peter Ehrlich, Mark Schieritz, 2. Februar 2006