Joachim Nagel will become the new president of the Bundesbank, succeeding Jens Weidmann, German Finance Minister Christian Lindner said today on his Twitter account. “Chancellor Olaf Scholz and I are nominating Joachim Nagel to head the Bundesbank,” Lindner wrote.

“Given the risks of inflation, the importance of a stability-oriented monetary policy is growing … He (Nagel) is an experienced person who will ensure consistency and continuity in Bundesbank policy,” Lindner’s post said.

Nagel, who is 55, previously worked at Germany’s central bank for 17 years, six of which he served as a member of the Bundesbank’s board of management. He left the Bundesbank in 2016 to join German development bank KfW. Since 2020, Nagel has been Head of Banking at the Bank for International Settlements (BIS) in Basel, Switzerland.