Germany nominates new central bank head

An economics professor Alex Weber is the German government's surprise choice for Bundesbank president. Government officials officially nominated the 47-year-old University of Cologne professor after a cabinet meeting on the morning of Wednesday 21 April. German Chancellor Gerhard Schroder and Finance Minister Hans Eichel had proposed Weber for the post on Tuesday night.

Procedure requires the German president to name the central bank chief, who the Bundesbank board of directors may not reject.