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Jens Weidmann

October 21, 2023

Jens Weidmann (born 20 April 1968) is a German economist who served as president of the Deutsche Bundesbank between 2011 and 2021. He also served as chairman of the Board of the Bank for International Settlements.

Jens Weidmann
Chair of the Bank for International Settlements
In office
November 2015 – 1 January 2022
General ManagerJaime Caruana
Agustín Carstens
Preceded byChristian Noyer
Succeeded byFrançois Villeroy de Galhau
President of the Bundesbank
In office
1 May 2011 – 31 December 2021
Appointed byChristian Wulff
Preceded byAxel A. Weber
Succeeded byJoachim Nagel
Personal details
Born (1968-04-20) 20 April 1968 (age 55)
Solingen, West Germany (now Germany)
EducationAix-Marseille University
University of Paris
University of Bonn

Before moving to the Bundesbank, Weidmann served as Head of Division IV (Economic and Financial Policy) in the Federal Chancellery from February 2006. He was the chief negotiator of the Federal Republic of Germany for both the summits of the G8 and the G20.

Early life and academic career Edit

Weidmann was born in Solingen. In 1987, Weidmann graduated from gymnasium in Backnang, Baden-Württemberg after which he studied economics at Aix-Marseille University, the University of Paris, and University of Bonn. He received his Diplom in economics in 1993. From 1993 to 1994, he commenced his doctoral studies on European monetary policy under the supervision of professor Roland Vaubel [de] at the University of Mannheim, but later transferred back to Bonn again.[1] He received his Dr. rer. nat. pol. under the auspices of monetary theorist Manfred J. M. Neumann [de] in 1997. 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[citation needed]. His education has been characterized as specialising in monetarist economics.[2]

Professional career Edit

From 1997 to 1999, Weidmann worked at the International Monetary Fund. Until 2004 he worked as Secretary of the German Council of Economic Experts. During his time at the council, he played a key role in compiling a 20-point plan for boosting growth and employment that formed the basis of then-Chancellor Gerhard Schröder’s Agenda 2010 reforms.[3]

From there he moved to the Bundesbank, where until 2006, he was the head of the Monetary Policy and Monetary Analysis group.

Advisor to Chancellor Angela Merkel, 2006-2011 Edit

In 2006, Weidmann began working at the Federal Chancellery, where 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. When he started, he was the youngest department head in the German government.[4] Chancellor Angela Merkel promoted him in December 2009 to the influential role of the Sherpa of the G8 summits[5] 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).

During his time at the Federal Chancellery, Weidmann was involved in a series of major decisions in response to the financial crisis in Germany and Europe: preventing the meltdown of the bank Hypo Real Estate, guaranteeing German deposits and implementing a rescue programme for the banking system, piecing together two fiscal-stimulus programmes, and setting up the Greek bail-out package and the European Financial Stability Facility (EFSF).[3]

In 2011, Weidmann suggested to Merkel that the position of Bundesbank vice president, which had also become vacant, be filled by Sabine Lautenschläger, then director of Germany's Federal Financial Supervisory Authority (BaFin).[4]

President of the Bundesbank, 2011–2021 Edit

In February, 2011, Weidmann was designated to succeed Axel A. Weber as president of the Deutsche Bundesbank.[6][7][8] 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.[9]

In a late November, 2011, speech in Berlin, Weidmann criticized the errors and "many years of wrong developments" of the EMU's peripheral states, particularly the wasted opportunity represented by their "disproportionate investment in private home-building, high government spending or private consumption", David Marsh reported.[10] In early December, with another in a string of Eurozone summits imminent, Bloomberg commented that the new ECB head Mario Draghi "knows he can't afford to repeat" his predecessor Jean-Claude Trichet's mistake of alienating the Bundesbank. Draghi was said in the report to be courting Weidmann by, among others, Julian Callow, chief European economist at Barclays in London.[11]

In May, 2012, Weidmann's stance was characterized by US economist and columnist Paul Krugman as amounting to wanting to destroy the Euro.[12]

Weidmann, in late August 2012, was reported to have threatened to resign as Draghi's July 2012 promise to do "whatever it takes" to save the Euro seemed likely to lead to purchases of Italian and Spanish bonds to keep interest rates in those major member economies capped at manageable levels. "In an interview with Der Spiegel last week, Weidmann said the bond buying made it look as if ECB was financing governments directly — and shouldn’t go ahead", reported another MarketWatch commentator, Matthew Lynn. Lynn further speculated on the Draghi-Weidmann interaction, reminding readers of Axel Weber's 2011 resignation over a "similar [ECB] scheme" and also of the 1992 failure of the European Exchange Rate Mechanism over German refusal to choose "printing money (taking some small risks with inflation) ... to stabilize the system".[13]

On 24 February 2016, as part of the Bundesbank's annual news conference, Weidmann notably dismissed deflation in light of the ECB's current stimulus program, pointing out the healthy condition of the German economy and that the euro area is not that bad off, on the eve of the 9–10 March 2016 meetings.[14]

In April 2019, Weidmann's mandate as Bundesbank president was renewed for another eight years.[15] On 31 December 2021, he stepped down, concluding his ten-year tenure five years early.[16]

Later career Edit

In early 2022, the International Monetary Fund appointed Weidmann to lead a new external panel to strengthen institutional safeguards in the wake of a data scandal involving IMF Managing Director Kristalina Georgieva during her time at the World Bank.[17]

Other activities Edit

International organizations Edit

Non-profit organizations Edit

Recognition (selection) Edit

Selected publications Edit

  • Leite, Carlos A.; ——— (1999). "Does Mother Nature Corrupt? Natural Resources, Corruption, and Economic Growth". IMF Working Papers. 99 (85): 1. doi:10.5089/9781451850734.001. SSRN 259928.
  • Neumann, Manfred J. M.; ——— (1998). "The Information Content of German Discount Rate Changes". European Economic Review. 42 (9): 1667–1682. CiteSeerX 10.1.1.203.5796. doi:10.1016/S0014-2921(97)00110-4.
  • ——— (1996). "New Hope for the Fisher Effect?: A Reexamination Using Threshold Cointegration". SFB 303 Discussion Paper B-385. SSRN 3555.
  • Henry, Jérôme; ——— (1995). "Asymmetry in the EMS Revisited: Evidence from the Causality Analysis of Daily Eurorates". Annales d'Économie et de Statistique. 40 (40): 125–160. doi:10.2307/20076018. JSTOR 20076018.

References Edit

  1. ^ 'Ex-Professor von Jens Weidmann: "Der Aufgabe nicht gewachsen"', Stuttgarter Zeitung, 16 February 2011.
  2. ^ Traynor, I, 'Jens Weidmann – the man with the key to Mario Draghi's handcuffs', Guardian, 1 August 2012.
  3. ^ a b Christian Distasio (July 6, 2011), Efficient economist European Voice.
  4. ^ a b Christoph Pauly and Christian Reiermann (February 21, 2011), A Merkel Advisor Goes to Frankfurt: What Awaits Weidmann as New Bundesbank Head? Der Spiegel.
  5. ^ "Gipfel-Beauftragter: Merkel beruft neuen Super-Sherpa". Spiegel.de. 10 December 2009. Retrieved 29 January 2022.
  6. ^ "Jens Weidmann wird Bundesbank-Präsident". Frankfurter Allgemeine Zeitung. 16 February 2011.
  7. ^ McGroarty, Patrick (16 February 2011). "Germany's Merkel: Weidmann Will Take Up Post May 1". Wall Street Journal.
  8. ^ Marsh, David, "Bundesbank renationalization under way: Commentary: Weidmann declares return to normality", MarketWatch, May 9, 2011.
  9. ^ Marsh, David, "In euro crisis, Merkel is replaying 1931", MarketWatch, September 26, 2011, 12:01 am EDT. Retrieved 2011-09-26.
  10. ^ Marsh, David, "Germany’s Helmut Kohl loses currency bet", MarketWatch, December 8, 2011, Retrieved 2011-12-08.
  11. ^ Black, Jeff and Simon Kennedy, "Draghi Courts Bundesbank in Bid to Avoid Trichet's Bond Fate", Bloomberg News via San Francisco Chronicle, December 8, 2011. Retrieved 2011-12-08.
  12. ^ Krugman, Paul, 'Doubling Down', NY Times, 8 May 2012.
  13. ^ Lynn, Matthew, "Gamble on ECB, but only with money you can lose", MarketWatch, September 5, 2012. Retrieved 2012-09-05.
  14. ^ "Bundesbank President Dismisses Deflation, Increases Tension At ECB". Fast Company. 24 February 2016.
  15. ^ "Federal President of Germany appoints Jens Weidmann President of the Bundesbank for another eight years". Bundesbank.de. Retrieved 2019-11-09.
  16. ^ "President of German central bank Jens Weidemann to resign five years early". Foreignbrief.com. 30 December 2021. Retrieved 2022-01-04.
  17. ^ David Lawyer (4 February 2022), IMF names former Bundesbank chief to lead review panel on institutional safeguards Reuters.
  18. ^ Katharina Slodczyk, Margret Hucko and Martin Mehringer (19 October 2023), Jens Weidmann: Ex-Bundesbankpräsident dient gleich zwei Milliardären Manager Magazin.
  19. ^ Katharina Slodczyk, Margret Hucko and Martin Mehringer (19 October 2023), Jens Weidmann: Ex-Bundesbankpräsident dient gleich zwei Milliardären Manager Magazin.
  20. ^ Board of Trustees Fazit-Stiftung.
  21. ^ [[dead link]
  22. ^ Members of the Jury Wirtschaftliche Gesellschaft für Westfalen und Lippe.

External links Edit

  • Curriculum Vitae 2013-07-04 at the Wayback Machine, Bundesbank webpage (2012-09-05).
  • "Merkel wirbt Bundesbank Volkswirt ab", Handelsblatt, 2 February 2006.
  • Ehrlich, von Peter, and Mark Schieritz, "Jens Weidmann: Merkels Ordnungspolitiker", FTD, 2 February 2006.

October 21, 2023
jens, weidmann, born, april, 1968, german, economist, served, president, deutsche, bundesbank, between, 2011, 2021, also, served, chairman, board, bank, international, settlements, chair, bank, international, settlementsin, office, november, 2015, january, 202. Jens Weidmann born 20 April 1968 is a German economist who served as president of the Deutsche Bundesbank between 2011 and 2021 He also served as chairman of the Board of the Bank for International Settlements Jens WeidmannChair of the Bank for International SettlementsIn office November 2015 1 January 2022General ManagerJaime CaruanaAgustin CarstensPreceded byChristian NoyerSucceeded byFrancois Villeroy de GalhauPresident of the BundesbankIn office 1 May 2011 31 December 2021Appointed byChristian WulffPreceded byAxel A WeberSucceeded byJoachim NagelPersonal detailsBorn 1968 04 20 20 April 1968 age 55 Solingen West Germany now Germany EducationAix Marseille UniversityUniversity of ParisUniversity of BonnBefore moving to the Bundesbank Weidmann served as Head of Division IV Economic and Financial Policy in the Federal Chancellery from February 2006 He was the chief negotiator of the Federal Republic of Germany for both the summits of the G8 and the G20 Contents 1 Early life and academic career 2 Professional career 2 1 Advisor to Chancellor Angela Merkel 2006 2011 2 2 President of the Bundesbank 2011 2021 3 Later career 4 Other activities 4 1 International organizations 4 2 Non profit organizations 5 Recognition selection 6 Selected publications 7 References 8 External linksEarly life and academic career EditWeidmann was born in Solingen In 1987 Weidmann graduated from gymnasium in Backnang Baden Wurttemberg after which he studied economics at Aix Marseille University the University of Paris and University of Bonn He received his Diplom in economics in 1993 From 1993 to 1994 he commenced his doctoral studies on European monetary policy under the supervision of professor Roland Vaubel de at the University of Mannheim but later transferred back to Bonn again 1 He received his Dr rer nat pol under the auspices of monetary theorist Manfred J M Neumann de in 1997 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 citation needed His education has been characterized as specialising in monetarist economics 2 Professional career EditFrom 1997 to 1999 Weidmann worked at the International Monetary Fund Until 2004 he worked as Secretary of the German Council of Economic Experts During his time at the council he played a key role in compiling a 20 point plan for boosting growth and employment that formed the basis of then Chancellor Gerhard Schroder s Agenda 2010 reforms 3 From there he moved to the Bundesbank where until 2006 he was the head of the Monetary Policy and Monetary Analysis group Advisor to Chancellor Angela Merkel 2006 2011 Edit In 2006 Weidmann began working at the Federal Chancellery where 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 When he started he was the youngest department head in the German government 4 Chancellor Angela Merkel promoted him in December 2009 to the influential role of the Sherpa of the G8 summits 5 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 During his time at the Federal Chancellery Weidmann was involved in a series of major decisions in response to the financial crisis in Germany and Europe preventing the meltdown of the bank Hypo Real Estate guaranteeing German deposits and implementing a rescue programme for the banking system piecing together two fiscal stimulus programmes and setting up the Greek bail out package and the European Financial Stability Facility EFSF 3 In 2011 Weidmann suggested to Merkel that the position of Bundesbank vice president which had also become vacant be filled by Sabine Lautenschlager then director of Germany s Federal Financial Supervisory Authority BaFin 4 President of the Bundesbank 2011 2021 Edit In February 2011 Weidmann was designated to succeed Axel A Weber as president of the Deutsche Bundesbank 6 7 8 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 9 In a late November 2011 speech in Berlin Weidmann criticized the errors and many years of wrong developments of the EMU s peripheral states particularly the wasted opportunity represented by their disproportionate investment in private home building high government spending or private consumption David Marsh reported 10 In early December with another in a string of Eurozone summits imminent Bloomberg commented that the new ECB head Mario Draghi knows he can t afford to repeat his predecessor Jean Claude Trichet s mistake of alienating the Bundesbank Draghi was said in the report to be courting Weidmann by among others Julian Callow chief European economist at Barclays in London 11 In May 2012 Weidmann s stance was characterized by US economist and columnist Paul Krugman as amounting to wanting to destroy the Euro 12 Weidmann in late August 2012 was reported to have threatened to resign as Draghi s July 2012 promise to do whatever it takes to save the Euro seemed likely to lead to purchases of Italian and Spanish bonds to keep interest rates in those major member economies capped at manageable levels In an interview with Der Spiegel last week Weidmann said the bond buying made it look as if ECB was financing governments directly and shouldn t go ahead reported another MarketWatch commentator Matthew Lynn Lynn further speculated on the Draghi Weidmann interaction reminding readers of Axel Weber s 2011 resignation over a similar ECB scheme and also of the 1992 failure of the European Exchange Rate Mechanism over German refusal to choose printing money taking some small risks with inflation to stabilize the system 13 On 24 February 2016 as part of the Bundesbank s annual news conference Weidmann notably dismissed deflation in light of the ECB s current stimulus program pointing out the healthy condition of the German economy and that the euro area is not that bad off on the eve of the 9 10 March 2016 meetings 14 In April 2019 Weidmann s mandate as Bundesbank president was renewed for another eight years 15 On 31 December 2021 he stepped down concluding his ten year tenure five years early 16 Later career EditIn early 2022 the International Monetary Fund appointed Weidmann to lead a new external panel to strengthen institutional safeguards in the wake of a data scandal involving IMF Managing Director Kristalina Georgieva during her time at the World Bank 17 Other activities EditInternational organizations Edit International Monetary Fund IMF ex officio Member of the Board of Governors 2011 2021 Bank of International Settlements ex officio Member of the Board of Directors 2011 2021 Financial Stability Board ex officio Member 2011 2021 Non profit organizations Edit Dieter Schwarz Stiftung Member of the Board of Trustees since 2023 18 Kuhne Stiftung Member of the Board of Trustees since 2023 19 Fazit Stiftung Member of the Board of Trustees since 2022 20 Deutsche Nationalstiftung Member of the Senate 21 Frankfurt School of Finance amp Management Foundation Member of the Board of Trustees House of Finance Goethe University Frankfurt Member of the Board of Trustees Stifterverband fur die Deutsche Wissenschaft Member of the Board of Trustees Deutsches Aktieninstitut ex officio Member of the Board of Governors Frankfurter Gesellschaft fur Handel Industrie und Wissenschaft Member Stiftung Marktwirtschaft Member of the Board of Trustees Verein fur Socialpolitik Member of the advisory council Peace of Westphalia Prize Member of the Jury 22 Recognition selection Edit2016 Medal for Extraordinary Merits for Bavaria in a United Europe 2015 International Prize Friedrich August von Hayek Foundation 2014 Wolfram Engels Award Stiftung Marktwirtschaft 2013 Honorary degree HEC ParisSelected publications EditLeite Carlos A 1999 Does Mother Nature Corrupt Natural Resources Corruption and Economic Growth IMF Working Papers 99 85 1 doi 10 5089 9781451850734 001 SSRN 259928 Neumann Manfred J M 1998 The Information Content of German Discount Rate Changes European Economic Review 42 9 1667 1682 CiteSeerX 10 1 1 203 5796 doi 10 1016 S0014 2921 97 00110 4 1996 New Hope for the Fisher Effect A Reexamination Using Threshold Cointegration SFB 303 Discussion Paper B 385 SSRN 3555 Henry Jerome 1995 Asymmetry in the EMS Revisited Evidence from the Causality Analysis of Daily Eurorates Annales d Economie et de Statistique 40 40 125 160 doi 10 2307 20076018 JSTOR 20076018 References Edit Ex Professor von Jens Weidmann Der Aufgabe nicht gewachsen Stuttgarter Zeitung 16 February 2011 Traynor I Jens Weidmann the man with the key to Mario Draghi s handcuffs Guardian 1 August 2012 a b Christian Distasio July 6 2011 Efficient economist European Voice a b Christoph Pauly and Christian Reiermann February 21 2011 A Merkel Advisor Goes to Frankfurt What Awaits Weidmann as New Bundesbank Head Der Spiegel Gipfel Beauftragter Merkel beruft neuen Super Sherpa Spiegel de 10 December 2009 Retrieved 29 January 2022 Jens Weidmann wird Bundesbank Prasident Frankfurter Allgemeine Zeitung 16 February 2011 McGroarty Patrick 16 February 2011 Germany s Merkel Weidmann Will Take Up Post May 1 Wall Street Journal Marsh David Bundesbank renationalization under way Commentary Weidmann declares return to normality MarketWatch May 9 2011 Marsh David In euro crisis Merkel is replaying 1931 MarketWatch September 26 2011 12 01 am EDT Retrieved 2011 09 26 Marsh David Germany s Helmut Kohl loses currency bet MarketWatch December 8 2011 Retrieved 2011 12 08 Black Jeff and Simon Kennedy Draghi Courts Bundesbank in Bid to Avoid Trichet s Bond Fate Bloomberg News via San Francisco Chronicle December 8 2011 Retrieved 2011 12 08 Krugman Paul Doubling Down NY Times 8 May 2012 Lynn Matthew Gamble on ECB but only with money you can lose MarketWatch September 5 2012 Retrieved 2012 09 05 Bundesbank President Dismisses Deflation Increases Tension At ECB Fast Company 24 February 2016 Federal President of Germany appoints Jens Weidmann President of the Bundesbank for another eight years Bundesbank de Retrieved 2019 11 09 President of German central bank Jens Weidemann to resign five years early Foreignbrief com 30 December 2021 Retrieved 2022 01 04 David Lawyer 4 February 2022 IMF names former Bundesbank chief to lead review panel on institutional safeguards Reuters Katharina Slodczyk Margret Hucko and Martin Mehringer 19 October 2023 Jens Weidmann Ex Bundesbankprasident dient gleich zwei Milliardaren Manager Magazin Katharina Slodczyk Margret Hucko and Martin Mehringer 19 October 2023 Jens Weidmann Ex Bundesbankprasident dient gleich zwei Milliardaren Manager Magazin Board of Trustees Fazit Stiftung dead link Members of the Jury Wirtschaftliche Gesellschaft fur Westfalen und Lippe External links EditCurriculum Vitae Archived 2013 07 04 at the Wayback Machine Bundesbank webpage 2012 09 05 Merkel wirbt Bundesbank Volkswirt ab Handelsblatt 2 February 2006 Ehrlich von Peter and Mark Schieritz Jens Weidmann Merkels Ordnungspolitiker FTD 2 February 2006 Retrieved from https en wikipedia org w index php title Jens Weidmann amp oldid 1181045728, wikipedia, wiki, book, books, library,

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