German cabinet agrees Weidmann can extend term at Bundesbank for eight years

February 27, 2019

BERLIN (Reuters) – The German cabinet gave the green light on Wednesday for Bundesbank President Jens Weidmann to extend his term for another eight years, a government source said.

Weidmann’s first term expires at the end of April and the cabinet’s decision paves the way for him to stay for a second term.

The extension would in theory keep Weidmann in the mix as a possible successor to ECB chief Mario Draghi, whose job will become available at the end of October, though Bank of France Governor Francois Villeroy de Galhau is seen as frontrunner.

(Reporting by Holger Hansen; Writing by Michelle Martin; Editing by Madeline Chambers)

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