Farewell to the Frankfurt falcon

A hawk among doves

Wednesday’s announcement came completely out of the blue.

Jens Weidmann, the dependably hawkish head of the Bundesbank, told staff at the headquarters in Frankfurt that he was calling it a day. “I have come to the conclusion that after 10 years it is the right time to turn over a new leaf - for the Bundesbank, but also for me personally,” he said.

Weidmann said that the decision had been made for personal reasons. He made no mention of years of disagreement with the other 24 members of the ECB governing board, which is constituted of the heads of the 19 eurozone central banks plus the ECB executive board. 

But few observers believe that he is moving on because he no longer felt fulfilled in the role. He was re-named as Bundesbank just two years ago. It is strange that he would resign now.