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FRANKFURT: The German government has nominated economist Joachim Nagel to take over as new president of the German central bank, Finance Minister Christian Lindner said on Monday.

Nagel was an “experienced individual” who would represent “continuity at the Bundesbank” after the exit of long-time chief Jens Weidmann, Lindner said in a tweet.

The nomination was made jointly by Lindner and new Chancellor Olaf Scholz, who took office earlier this month as part of a three-way coalition between the Social Democrats, the ecologist Greens and the liberal FDP.

Nagel, 55, who holds a doctorate in economics from the Karlsruhe Institute for Technology, is a member of Scholz’s Social Democrats.

Since 2020, he has been the co-chief of the banking division at the Bank for International Settlements — considered the central bank of central banks — having spent the best part of his career at the Bundesbank.

In 17 years at the affectionately named “Buba”, Nagel led the markets division and oversaw the bank’s information technology department.

Nagel will be replacing Weidmann, a vocal inflation hawk and advocate of tighter monetary policy.

After over a decade in charge of the Frankfurt-based institution, Weidmann announced in October his intention to step down at the end of the year.

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