Joachim Nagel

Joachim Nagel (born 31 May 1966) is a German economist and current President of the Bundesbank.[1] 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, succeeding Jens Weidmann who resigned.[2]

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

Early life

After graduating from the Otto-Hahn-Gymnasium Karlsruhe, Nagel studied economics at the Karlsruhe Institute of Technology. After graduating in 1991, he worked there as a research assistant and later a consultant for economic and financial policy at the Social Democratic Party (SPD) in Bonn from March to October 1994.

Banking career

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, he joined the KFW Bankengruppe, the largest public development bank in Germany, as a general manager[3] 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.[4]

From 2018 to 2020 he was also a member of the Supervisory Board of Deutsche Börse AG.[5]

On November 1, 2020, Nagel became a member of the management of the Bank for International Settlements as Deputy Head of Banking.

Bundesbank presidency

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.[6][7] He assumed the position on 1 January 2022.

Personal life

Joachim Nagel is married and has two children. He is a member of the SPD.[8]

References
  1. 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.
  2. "New Bundesbank boss could bring more change than meets the eye". POLITICO. 2021-12-20. Retrieved 2022-06-03.
  3. "Dr. Joachim Nagel startet als Generalbevollmächtigter der KfW | KfW". www.kfw.de (in German). Retrieved 2022-06-03.
  4. "KfW Board Member Joachim Nagel strives to continue the fight for climate protection and sustainability determinedly". D+C. Retrieved 2022-06-03.
  5. "Joachim Nagel to step down from Deutsche Börse's Supervisory Board". financefeeds.com. Retrieved Mar 19, 2023.
  6. "Federal President Steinmeier appoints Joachim Nagel President of the Deutsche Bundesbank". www.bundesbank.de. Retrieved 2022-06-03.
  7. "Dr Joachim Nagel". www.bundesbank.de. Retrieved 2022-06-03.
  8. The great mystery of Weidmann's successor. In: Frankfurter Allgemeine. Retrieved November 15, 2021 .
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