Joachim Nagel

Joachim Nagel
President of the Bundesbank
Incumbent
Assumed office
1 January 2022
Appointed byFrank-Walter Steinmeier
Preceded byJens Weidmann
Personal details
Born (1966-05-31) 31 May 1966 (age 58)
Karlsruhe, Baden-Württemberg, West Germany
(now Germany)
Political partySocial Democratic Party of Germany[1]
Children2
Alma materKarlsruhe Institute of Technology

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.

Early life and education

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After graduating from the Otto-Hahn-Gymnasium Karlsruhe, Nagel studied economics at the Karlsruhe Institute of Technology.[4]

Career

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After 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

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On 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

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International organizations

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Corporate boards

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Non-profit organizations

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Personal life

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Nagel is married and has two children.[1]

References

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  1. ^ a b c "The great mystery of Weidmann's successor". Frankfurter Allgemeine. Retrieved 15 November 2021.
  2. ^ 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.
  3. ^ "New Bundesbank boss could bring more change than meets the eye". POLITICO. 2021-12-20. Retrieved 2022-06-03.
  4. ^ Guy Chazan and Martin Arnold (20 December 2021), Germany looks to Nagel to retain Bundesbank’s ‘anti-inflation’ message Financial Times.
  5. ^ Guy Chazan and Martin Arnold (20 December 2021), Germany looks to Nagel to retain Bundesbank’s ‘anti-inflation’ message Financial Times.
  6. ^ "Dr. Joachim Nagel startet als Generalbevollmächtigter der KfW | KfW". www.kfw.de (in German). Retrieved 2022-06-03.
  7. ^ "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.
  8. ^ "Federal President Steinmeier appoints Joachim Nagel President of the Deutsche Bundesbank". www.bundesbank.de. Retrieved 2022-06-03.
  9. ^ "Dr Joachim Nagel". www.bundesbank.de. Retrieved 2022-06-03.
  10. ^ Permanent members of the General Board European Systemic Risk Board (ESRB).
  11. ^ Board of Directors Bank for International Settlements (BIS).
  12. ^ Members Financial Stability Board (FSB).
  13. ^ Board of Governors International Monetary Fund (IMF).
  14. ^ "Joachim Nagel to step down from Deutsche Börse's Supervisory Board". financefeeds.com. 18 June 2020. Retrieved Mar 19, 2023.
  15. ^ 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.
  16. ^ Board of Trustees Archived 2021-12-27 at the Wayback Machine House of Finance, Goethe University Frankfurt.
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