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Banking

German government to decide on replacing top ECB official

A top German official at the ECB, Jörg Asmussen, is returning to domestic policies as he becomes a deputy labor minister in the new government. The Finance Ministry said it will nominate a replacement shortly.

German Finance Minister Wolfgang Schäuble on Monday praised the work of German top ECB official Jörg Asmussen as the latter was preparing to return to domestic politics and take up a job as deputy labor minister in Chancellor Angela Merkel's new grand coalition government.

Asmussen, who has two children, cited personal reasons for ending his role as executive board member at the European Central Bank.

Finance Minister Wolfgang Schäuble told Deutschlandfunk radio the new government in Berlin would "consider carefully and quickly" who to propose for the influential ECB job after Asmussen's departure.

No time to be wasted

Asmussen on eurozone crisis

Media reports indicated German central bank Vice President Sabine Lautenschläger was being favored by the government to take over Asmussen's position at the ECB.

Asked about such an option, Schäuble said "that would certainly be a good thought." He added Lautenschläger had great experience in the filed of banking supervision as a job the ECB was about to take on as of next year.

Schäuble emphasized a replacement proposal would be made without any delay, with any nomination subject to approval by eurozone governments.

hg/mz (dpa, Reuters, AP)

DW.DE

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