Bundesbank deputy chief picked for ECB supervision role

FILE PHOTO: The new German central bank (Bundesbank) vice-president Claudia Buch poses during a photocall at the Bundesbank headquarters in Frankfurt, May 20, 2014. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) – Bundesbank Vice President Claudia Buch was appointed on Friday to the European Central Bank’s Supervisory Board, less than one year before board chair Andrea Enria’s term of office expires.

Buch, who replaces Joachim Wuermeling as the Bundesbank’s representative, has been rumoured in the German press to be among the candidates for Enria’s job, even though the appointment process is still many months away from getting started.

The reshuffle at the German central bank comes after Wuermeling decided to leave at the end of the year to take up another job, prompting Bundesbank President Joachim Nagel to assign new board responsibilities effective April 1.

The new chair of the Supervisory Board, due to take office in January, is picked by the ECB’s 26-member Governing Council and will be formally appointed by the European Union Council following the approval of the European Parliament.

Buch, already responsible for financial stability issues, will remain the Bundesbank’s vice president.

Enria, in office since Jan 2019, is serving a five-year, non-renewable term.


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