Jörg Asmussen quits the ECB to return to politics

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Jörg Asmussen, the only German member on the European Central Bank's (ECB) executive board, is quitting the bank to become deputy labour minister in Angela Merkel's new coalition government.

Asmussen, who replaced fellow German Jürgen Stark on the board less than two years ago, served as state secretary at the German finance ministry during the first years of the financial and eurozone crises, but was still a relatively unknown name when tapped by the German government to replace Stark in 2011.

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