Newsroom
The end of the Bundesbank era
With Jens Weidmann’s imminent departure, the ECB will lose its most hawkish governor.
With Jens Weidmann’s imminent departure, the ECB will lose its most hawkish governor.
The reason for the Germans’ current Weltuntergangsstimmung (apocalyptic mood) is economic.
Both the Bank of England and the German Bundesbank enjoy formal independence, but this independence looks and feels very different in practice.
What Europe is still discussing and Germany is vehemently resisting – the transformation into a fiscal liability union – has long been achieved through the Target backdoor.
ast week’s unexpected resignation of Bundesbank president Axel Weber sent shockwaves through the German government.
© Dr Oliver Hartwich