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The ECB's crisis response and government-bond purchases have sparked opposition in Germany

A sequence model of German / ECB relations 2010 thru 2011 from the WSJ

 

Weber to drop out of ECB succession race and replace CEO Josef Ackermann at Deutsche Bank instead

(9 February 2011) German central bank chief Axel Weber will not be a candidate to replace European Central Bank President Jean-Claude Trichet when is eight year term ends in October, European sources said on Wednesday, according to Reuters. Will this mean that the new main candidate is Italian central bank chief Mario Draghi?

Axel Weber is rumoured to join Deutsche Bank and replace CEO Josef Ackermann.

The Lonely Fight of Monetary Dogmatist Axel Weber - ECB Handling of Euro Crisis

The head of the German central bank, Axel Weber, is openly critical of the way the European Central Bank has handled the euro's debt woes. He is fighting to uphold purist monetary principles that are untenable in the current crisis. His chances of succeeding Jean-Claude Trichet as ECB chief are waning as a result.

Jean-Claude Trichet had chosen a complicated topic for his presentation. The president of the European Central Bank (ECB) stood on a podium in Frankfurt's Alte Oper opera house and talked about "macro-prudential regulation," "correlated risk positions" and "anti-cyclical capital buffers." These are dense subjects even for the bankers and financial experts in the audience, and a leaden sense of fatigue soon spread throughout the hall. Many listeners sank deep down into their seats, some stretched out their legs, and a few had drifted off to sleep.

ECB's Weber says Europe can go beyond 750 bn euros rescue

Axel Weber, German Central Bank president and council member of the European Central Bank, said Wednesday the euro is solid and euro-zone member states will protect it from speculative attacks, even if that means putting more money on the table. He said any speculative attack on the euro would fail as he assumes European countries are ready to increase the EUR750 billion rescue package created in May to fend off threats to financial stability within the 16 member states of the euro zone. "If that amount is not enough, we could increase it," Weber said. "An attack on the euro has no chance of succeeding."

The European Financial Stability Facility was created in May in response to the Greek crisis. It consists of EUR440 of loan guarantees from euro-zone states and is complemented by EUR60 billion in E.U. funds and EUR250 billion from the International Monetary Fund. Weber added that Germany will stand by the euro. He said it is stable and will emerge stronger from the current crisis. "There is no going back" from the common currency, he said.

He also said European Union member states need to gradually introduce a permanent crisis mechanism and that details of such a mechanism need to be laid out soon to send markets a clear message. Weber said he is convinced that in December, euro-zone members will be able to present proposals for such a mechanism. The euro-zone members are trying to agree on a permanent crisis-management mechanism to bail out countries that run into fiscal problems once the current mechanism set up at the height of the Greek crisis comes to an end in 2013.

La Stampa - Jean-Claude Trichet, ECB, rejects Weber Says Overwhelming Majority of ECB Council Backs Bond Purchases

European Central Bank President Jean-Claude Trichet took issue with recent comments on ECB policy by Bundesbank chief Axel Weber, saying they did not represent the views of the central bank's governing council. Asked in an interview with Italian newspaper La Stampa whether the program didn’t work and should be scrapped, he responded: “No! This is not the position of the Governing Council, with an overwhelming majority.”

ECB Bundesbank Weber warns crisis is ongoing as fears mount over Ireland - ECB buying Irish government bonds

Axel Weber, the President of Germany's Bundesbank and a leading member of the council of the European Central Bank, said he was frustrated more had not been done to tackle the risks posed by very large banks. "The financial crisis is still with us – we are not in year one after the crisis, we are in year four of the crisis," Mr Weber said. "Moral hazard is in the financial system. I want to get to a situation where the term 'too big to fail' does not exist."

ECB member and Bundesbank head, Axel Weber - Periphery measures will avoid insolvency

Fiscal repair measures being implemented by heavily indebted euro zone countries are enough to prevent state insolvencies, European Central Bank Governing Council member and Bundesbank head, Axel Weber, said on Wednesday. "The sum of measures initiated by governments, in cooperation with the IMF, should be enough to end discussions of a potential state insolvency in the markets," Weber said at the first day of the annual Banks in Transition conference that will attract top executives from the financial world. Debt fears continue to blight heavily indebted euro zone perimeter countries.

Axel Weber, the Bundesbank president, and the European Central Bank

Axel Weber, the Bundesbank president, has put himself on a collision course with European Central Bank policymakers by arguing publicly in favour of extending emergency help for eurozone banks until at least next year.

The comments by Germany’s central bank head were unusually forthright and suggested he wanted to assert his authority ahead of a decision next year on a successor to Jean-Claude Trichet as ECB president.

Mr Weber told Bloomberg Television in an interview broadcast on Friday that the ECB should continue providing unlimited liquidity on a weekly, monthly and three-monthly basis until at least the start of 2011. Discussion on the ECB’s “exit strategy” would be “focused on the first quarter” he said.

Other members of the ECB’s 22-strong governing council are likely to agree with Mr Weber’s cautious approach, which on Friday drove the euro lower. But he will have created annoyance by pre-empting discussions at the council’s next meeting on September 2.

Bundesbank chief hits out at DG Competition

Europe’s competition authorities risk throwing the continent’s economic integration into reverse with their response to the financial crisis, the head of Germany’s Bundesbank has warned in rare public criticism of Brussels.

 

Warning: Axel Weber

 

In a Financial Times interview, Axel Weber said policymakers were “at a crossroads” and might harm Europe’s growth prospects if they insisted on making lenders withdraw from foreign markets and become more nationally focused.

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