German central bank chief to step down after 10 years

By AP News

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BERLIN (AP) — The head of Germany's central bank announced Wednesday that he will step down after a decade at the helm.

BERLIN (AP) — The head of Germany's central bank announced Wednesday that he will step down after a decade at the helm.

A statement from the Bundesbank said Jens Weidmann will leave office at the end of the year for personal reasons. National central bank governors in the 19-country eurozone have a seat on the European Central Bank's governing council, and in that position, Weidmann has sometimes expressed disagreement with the extent of stimulus efforts.

“I have come to the conclusion that more than 10 years is a good measure of time to turn over a new leaf — for the Bundesbank, but also for me personally," Weidmann said in a letter to the bank's staff.

Weidmann, previously an adviser to outgoing German Chancellor Angela Merkel, has headed the Frankfurt-based Bundesbank since May 2011.

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