German Is Nominated for Central Bank Post
By JACK EWING and LIZ ALDERMAN
Published: September 10, 2011
FRANKFURT — Germany moved swiftly to install a guardian of its interests in the European Central Bank Saturday, nominating a top technocrat to replace a senior bank official whose unexpected resignation Friday hinted at divisions over the conduct of monetary policy.
The selection of Jörg Asmussen, 44, a deputy finance minister and career bureaucrat, announced at the meeting of Group of 7 countries in Marseille, France, appeared designed to reassure a German public increasingly concerned about the extraordinary lengths that the central bank has gone to support ailing countries like Greece and Spain.
Internal divisions at the European Central Bank spilled into the open Friday after Jürgen Stark, the bank’s de facto chief economist, said he would resign his seat on the six-member executive board, which manages bank operations and plays a leading role in setting monetary policy.
In a measure of the acute doubts about Europe’s ability to contain the sovereign debt crisis, Mr. Stark’s resignation was enough to spark stock declines in Europe and the United States. Mr. Stark’s resignation also threatened to further strain European unity and undermine German support for measures to keep Greece from defaulting.
Full story: http://www.nytimes.com/2011/09/11/business/global/asmussen-named-to-european-central-bank-post.html
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