FRANKFURT, Jan. 7 (Xinhua) — A Bundesbank veteran has been appointed as the new president of the German central bank, said a statement issued by the central bank on Friday.

German Federal President Frank-Walter Steinmeier has appointed Joachim Nagel president of the German central bank for a term of eight years, said the statement.

The 55-year-old economist had worked for the central bank for 17 years and used to sit on the executive board for six years before he walked away.

Nagel worked as a member of the executive board of KfW, one of the world’s leading promotional banks from 2017 to 2020, according to the Bundesbank.

Nagel’s last job before he was tapped for the head of Bundesbank in December 2021 was the Deputy Head of Banking at the Bank for International Settlements (BIS) in Basel.

Nagel’s predecessor Jens Weidmann, in a surprise move, announced in October 2021 that he would step down on Dec. 31, 2021, citing personal reasons. Weidmann was known as a staunch opponent to ultra-easy monetary policies and defender of fiscal rules.

Nagel’s new role as the head of Bundesbank, who will also act as a member of the ECB Governing Council, has attracted wide attention as speculations are running high about his stances in the ECB’s policy-setting meetings.

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