Joachim Nagel (born 31 May 1966) is a German economist who has been serving as President of the Bundesbank since 2022.[2] Before he was a senior manager of the Bank for International Settlements since 2020, having been a member of the board of the Deutsche Bundesbank from 2010 to 2016 and then a member of the board of the KfW Bankengruppe from 2017 to 2020. He was appointed President of the Deutsche Bundesbank on 1 January 2022, to replace Jens Weidmann.[3] He is a member of the Social Democratic Party of Germany (SPD),[1] along with the President who appointed him to serve initially under SPD Chancellor Olaf Scholz.
Joachim Nagel | |
|---|---|
| President of the Bundesbank | |
| Assumed office 1 January 2022 | |
| Appointed by | Frank-Walter Steinmeier |
| Preceded by | Jens Weidmann |
| Personal details | |
| Born | 31 May 1966 Karlsruhe, Baden-Württemberg, West Germany (now Germany) |
| Political party | Social Democratic Party of Germany[1] |
| Children | 2 |
| Alma mater | Karlsruhe Institute of Technology |
Early life and education
editAfter graduating from the Otto-Hahn-Gymnasium Karlsruhe, Nagel studied economics at the Karlsruhe Institute of Technology.[4]
Career
editAfter graduating in 1991, Nagel worked at the Karlsruhe Institute of Technology as a research assistant and later an advisor for economic and financial policy at the Social Democratic Party (SPD) in Bonn from March to October 1994. Funded by the SEW-EURODRIVE-Stiftung, he also spent a year in Washington doing research.[5]
In 1999 Nagel moved to the Bundesbank, initially as Head of the Office of the President of the then State Central Bank in Bremen, Lower Saxony and Saxony-Anhalt in Hanover. In 2003 he moved to the headquarters of the Bundesbank in Frankfurt am Main. In 2008 he became head of the central department Markets. In December 2010, he replaced Thilo Sarrazin, who had resigned, on the board of directors of the Deutsche Bundesbank. On April 30, 2016, he resigned from the Executive Board of the Deutsche Bundesbank.
On November 1, 2016, Nagel joined the KFW Bankengruppe, the largest public development bank in Germany, as a general manager[6] and then from 2017 to 2020 as Executive Board member. At the same time he was chairman of the supervisory board of KfW IPEX-Bank and first deputy chairman of the supervisory board of DEG German investment and development company.[7]
On November 1, 2020, Nagel became a member of the management of the Bank for International Settlements as Deputy Head of Banking.
President of the Bundesbank
editOn December 20, 2021, the German President Frank-Walter Steinmeier announced Nagel's appointment as successor to Jens Weidmann as president of the Deutsche Bundesbank.[8][9] He assumed the position on 1 January 2022.
Other actitivies
editInternational organizations
edit- European Systemic Risk Board (ESRB), Ex-Officio Member of the General Board (since 2022)[10]
- Bank for International Settlements (BIS), Ex-Officio Member of the Board of Directors (since 2022)[11]
- Financial Stability Board (FSB), Ex-Officio Member (since 2022)[12]
- International Monetary Fund (IMF), Ex-Officio Member of the Board of Governors (since 2022)[13]
Corporate boards
edit- Deutsche Börse AG, Member of the Supervisory Board (2018–2020)[14]
Non-profit organizations
edit- Osservatorio Permanente Giovani-Editori, International Advisory Board (since 2023)[15]
- House of Finance, Goethe University Frankfurt, Member of the Board of Trustees[16]
Personal life
editNagel is married and has two children.[1]
References
edit- ^ a b c "The great mystery of Weidmann's successor". Frankfurter Allgemeine. Retrieved 15 November 2021.
- ^ Eddy, Melissa (2021-12-20). "Germany names a career central banker, Joachim Nagel, to head the Bundesbank". The New York Times. ISSN 0362-4331. Retrieved 2022-06-03.
- ^ "New Bundesbank boss could bring more change than meets the eye". POLITICO. 2021-12-20. Retrieved 2022-06-03.
- ^ Guy Chazan and Martin Arnold (20 December 2021), Germany looks to Nagel to retain Bundesbank’s ‘anti-inflation’ message Financial Times.
- ^ Guy Chazan and Martin Arnold (20 December 2021), Germany looks to Nagel to retain Bundesbank’s ‘anti-inflation’ message Financial Times.
- ^ "Dr. Joachim Nagel startet als Generalbevollmächtigter der KfW | KfW". www.kfw.de (in German). Retrieved 2022-06-03.
- ^ "KfW Board Member Joachim Nagel strives to continue the fight for climate protection and sustainability determinedly". D+C. 30 January 2019. Retrieved 2022-06-03.
- ^ "Federal President Steinmeier appoints Joachim Nagel President of the Deutsche Bundesbank". www.bundesbank.de. Retrieved 2022-06-03.
- ^ "Dr Joachim Nagel". www.bundesbank.de. Retrieved 2022-06-03.
- ^ Permanent members of the General Board European Systemic Risk Board (ESRB).
- ^ Board of Directors Bank for International Settlements (BIS).
- ^ Members Financial Stability Board (FSB).
- ^ Board of Governors International Monetary Fund (IMF).
- ^ "Joachim Nagel to step down from Deutsche Börse's Supervisory Board". financefeeds.com. 18 June 2020. Retrieved Mar 19, 2023.
- ^ The President of the Deutsche Bundesbank joins the Advisory Board of the Osservatorio Permanente Giovani-Editori Osservatorio Permanente Giovani-Editori, press release of 28 February 2023.
- ^ Board of Trustees Archived 2021-12-27 at the Wayback Machine House of Finance, Goethe University Frankfurt.