Bloomberg News

Euro-Area Ministers Back Asmussen as Stark’s ECB Replacement

October 03, 2011

Oct. 3 (Bloomberg) -- Ministers from the 17 euro-area nations backed German Deputy Finance Minister Joerg Asmussen as the replacement for Juergen Stark on the European Central Bank’s Executive Board, said a person familiar with their discussions.

The decision was made at a meeting of the ministers in Luxembourg today, said the person, who declined to be identified because the talks are private.

Stark, 63, has been a member of the ECB’s Executive Board since 2006 and occupied the informal position of chief economist. As a former vice-president of the Bundesbank, Stark was an advocate of conservative monetary policy at the Frankfurt-based European central bank, and was known to have become increasingly uncomfortable with the ECB’s crisis-fighting measures including the purchase of sovereign debt. “It’s generally known that I’m not a glowing advocate of these purchases,” Stark said in a Bloomberg News interview Aug. 18.

--With assistance from Jeff Black in Luxembourg. Editors: Craig Stirling, Patrick G. Henry

To contact the reporter on this story: Stephanie Bodoni in Luxembourg at sbodoni@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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