Germany is looking for a new President of the Bundesbank. But are the candidates more relaxed or rather strict in terms of monetary policy, that is to say rather “hawk”, “dove” or “owl”? A typology.
By Cerstin Gammelin and Markus Zydra, Frankfurt
ECB President Christine Lagarde and her colleagues on the Governing Council are definitely faced with the annoying problem of inflation. Prices are going up and people are moaning. But at Thursday’s monetary policy meeting, Jens Weidmann will also be the center of attention. The President of the Bundesbank will step down at the end of the year. His appearances in the highest body of the central bank are numbered. The surprising announcement of his resignation by Weidmann marks the end of a growing alienation between the Bundesbanker and the ECB. Weidmann no longer saw any chance of winning with his strict monetary policy against his “cowardly” colleagues: the “pigeons” of the ECB won, the “hawk” of the Bundesbank lost.