Friday, September 9, 2011

Jürgen Stark Resigns From Position at ECB

The European Central Bank (ECB) has announced the resignation of key ECB official, Jürgen Stark.  The Bank said in the announcement: "Today, Jürgen Stark, Member of the Executive Board and Governing Council of the European Central Bank (ECB), informed President Jean-Claude Trichet that, for personal reasons, he will resign from his position prior to the end of his term of office on 31 May 2014. Mr Stark will stay on in his current position until a successor is appointed, which, according to the appointment procedure, will be by the end of this year. He has been a Member of the Executive Board and Governing Council since 1 June 2006."

ECB President, Jean-Claude Trichet, noted Stark's service to the ECB and the EU: "Having been informed by Jürgen Stark of his decision to resign for personal reasons, President Jean-Claude Trichet thanks him wholeheartedly for his outstanding contribution to European unity over many years. Having worked with Jürgen Stark for almost 20 years, he expresses particular gratitude for his exceptional and unwavering dedication as a member of the Executive Board and Governing Council for more than five years."

Stark was the key member of the Executive Board responsible for Economics and Monetary Analysis at the ECB (known as the ECB's unofficial chief economist).  Reportedly (WSJ) (NYT) Stark's resignation was driven by frustration over the ECB's bond buying programs and it's expanding role in propping up troubled Eurozone economies such as Greece, Portugal, Ireland, Spain and Italy.


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