Germany
Welteke won't get full salary to 2007
Former Bundesbank President Ernst Welteke won't draw his full salary as German central bank chief over the next three years after quitting last week, denying a report in the Financial Times Deutschland newspaper.
Focus on Weber, the Bundesbank's surprise choice
Little was known about economics professor Axel Weber, the German government's surprise choice to head the Bundesbank this week, who told a news conference on Wednesday 21 April that he jogs to relax.
Welteke's parting words
Here we republish Ernst Welteke's personal statement on his resignation from the Bundesbank. In the statement Welteke said the Bundesbank's independence continued to be flouted and that the trust between himself and the Ministry of Finance had been …
Stability Pact crucial for EMU says Trichet
ECB President Jean-Claude Trichet said on Dutch television that the stability pact was crucial for the European Monetary Union and that the Netherlands had taken appropriate steps to avoid a budget deficit of above three per cent.
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…
Welteke resigns from Bundesbank
Bundesbank president Ernst Welteke resigned Friday after coming under heavy criticism for taking a free hotel stay from a commercial bank. He said in a statement "the disregard for the legally guaranteed independence of the Bundesbank and its…
Stark to succeed Welteke?
Ernst Welteke, head of the Bundesbank, resigned on Friday. The Bundesbank and German Ministry of Finance called his decision "appropriate". Many observers of the affair think that his successor will be Koch-Weser, the ministry of finance official…
Bundesbank appoints corporate governance officer
On 14 April the Executive Board of the Deutsche Bundesbank appointed Professor Theodor Baums of the Johann Wolfgang Goethe University in Frankfurt as Corporate Governance Compliance Officer of the Deutsche Bundesbank.
Eichel tells FAZ Welteke actions 'unacceptable'
Ernst Welteke faced strong criticism from the German government on Tuesday 13 April when the finance minister said in an interview with a German daily that it was unacceptable that the official took a free hotel stay from a private bank under Bundesbank…
Gov't and Bundesbank agree to work together
The German Government has agreed to work together with the Bundesbank over the Ernst Welteke scandal, it was reported on Tuesday 13 April, as both organisations try to prevent their conflict from escalating.
Buba's Executive Board to abide by ECB Code
The Executive Board of the Deutsche Bundesbank has decided, with immediateEffect (8 April), to expressly adopt and apply to itself the Code of Conduct applicable to the members of the Governing Council of the ECB.
Welteke takes leave from Bundesbank
Reports on Thursday 8 April said that the Bundesbank is resisting pressure from the German government to install Deputy Finance Minister Caio Koch-Weser as president to replace Ernst Welteke who agreed to take leave on Wednesday.
German government calls for quick Welteke decision
Bundesbank chief Ernst Welteke can be replaced "very quickly" if he resigns or is removed by the central bank over a hotel stay paid for by a commercial bank, the German government said Wednesday.
Welteke asks Bundesbank Board to review conduct
Ernst Welteke said on Tuesday 6 April that he had asked the Bundesbank's executive board to review his conduct in accepting a hotel stay paid by one of the country's major commercial banks. The move follows a decision by Welteke to pay the bill Monday.
Bundesbank chief Welteke pays disputed bill
The president of the Bundesbank sought to head off calls for his resignation on Monday by agreeing to pay back a controversial luxury-hotel bill which was covered by a private bank.
Welteke dashes hopes of ECB rate cut
Bundesbank president and European Central Bank (ECB) governing council member Ernst Welteke sought in a TV interview to dampen hopes for an interest rate cut.
Bundesbank sees profits fall by €5bn
Germany's central bank has said that profits fell by €5bn last year compared to 2002. The drop was partly due to the lower valuation of its equities portfolio and a fall in the value of its dollar-denominated securities holdings.
Buba against foreign takeovers of German banks
The Bundesbank spoke out against foreign takeovers of the country's biggest banks and said that Germany needs at least one big bank to protect its economic interests, a newspaper reported on Wednesday 24 March.
Welteke sees eurozone recovery scenario intact
Bundesbank President and ECB Governing Council member Ernst Welteke said on Wednesday 24 March that the most likely scenario for Germany and the euro area is a moderate and gradual recovery. He also commented on remarks made by Guy Quaden earlier.
Germany sets G20 meeting for Nov 19-21
Germany said on Tuesday 16 March that it will host a meeting of finance ministers and central bank governors from the G20 group of developed and emerging market economies on 19-21 November in Berlin.
Bundesbank: public-sector finances 'crisis-like'
The Bundesbank said on Monday 15 March that deep-reaching reforms, with sound fiscal policy, were still needed to get the German economy growing again.
Report says strong euro dented Bundesbank profits
The Bundesbank saw its annual profit fall to less than one billion euros (1.2 billion dollars) last year as a result of the strong euro and that could pose a problem for the German government's finances, according to a report in a German business daily.
Germany considers offloading 600 tons of gold
Ernst Welteke told a parliamentary committee on Wednesday 10 March that the Bundesbank wanted to sell 600 tons of gold over the next five years from its stock of 3,400 tons. But politicians said the funds should be used to cut debt, something the…
ECB's Welteke: risks to eurozone economy remain
Bundesbank President and European Central Bank governing council member Ernst Welteke said on Thursday 11 March that he saw a higher risk that the economy could deteriorate rather than improve.