September 19, 2011
German Bundesbank President Jens Weidmann, 43, intends to remain true to the central bank's stability policies, despite all resistance. In an interview with SPIEGEL, he warns of risks on the European Central Bank's balance sheet and calls on lawmakers to reach consensus on an approach to saving the euro.
SPIEGEL: Mr. Weidmann, your predecessor Axel Weber resigned last February, and early this month Jürgen Stark, the chief economist at the European Central Bank (ECB), also stepped down. How long will you last?
Weidmann: My term as Bundesbank president lasts eight years. I intend to serve out the entire term.
SPIEGEL: It won't exactly be an enjoyable task. German central bankers are noticeably isolated on the ECB Council.
Weidmann: I actually do enjoy my work. We are discussing the direction of monetary policy in a very difficult and complex crisis situation. In this context, I see myself as standing in the tradition of the Bundesbank's principles regarding stability, which the German public also supports. I will continue to defend this position on the ECB Council.
SPIEGEL: It's just that it doesn't do any good. The two German members of the ECB Council are opposed to buying up the bonds of deeply debt-ridden euro countries like Greece, Portugal, Ireland and Italy, but for months now representatives from southern Europe have outvoted you on this issue.
Weidmann: Just because you don't have a majority for your position at all times doesn't mean you should stop defending it.
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