The economist Joachim Nagel, 55, has been nominated to take over as director of the German Central Bank, or Bundesbank, Finance Minister Christian Lindner said on Monday.

He wrote on Twitter that he and Chancellor Olaf Scholz "propose Joachim Nagel as the new president of the Bundesbank."

Nagel, who was on the Bundesbank's board of directors for six of the 17 years he spent working for the institution, would replace Jens Weidmann, who in October announced his resignation by year's end for "personal reasons."

Who is Joachim Nagel?

Nagel left the Bundesbank, where he had also been head of the crisis committee, in 2016. Since 2020 he has been deputy head of the banking department at the Basel Bank for International Settlements (BIS).

He also had a stint at the German development bank KfW.

In his tweet, the finance minister called Nagel "an experienced personality who ensures the continuity of the Bundesbank," saying that monetary policies aimed at bringing about stability were becoming more important amid risks of inflation.

tj/rt (Reuters, AFP)