According to reports, it was revealed that Joerg Asmussen, Deputy Finance minister of Germany, has been pushed by the German government to join the European central Bank member board which consists of 6 people. The main task of the board is to plan reforms for the 17 nation euro zone. The meeting which was held in France could have a notable impact on the way the union deals with its rising debt crises.
Wolfgang Schaeuble, German Finance Minister revealed that Asmussen may move ahead from Juergen Stark on the ECB executive member?s board if he gets authorization from the other euro nations.
It has been revealed that Stark resigned from ECB?s board surprisingly after an argument on ECB?s bond buying program. The main aim of the bond buying program was to stabilize the interest rates in Spain and Italy as interest rates were fluctuating abnormally in these nations. As soon as stark?s resignation news became public, the prices of stocks and euro fell as doubts rose over the crisis strategy in the Euro zone. Stark solely opposed the bank?s gigantic purchases of Spanish and Italian government bonds earlier this month.
On the other hand, Asmussen who was sitting right next to Schaeuble in the meeting, rejected to remark on ECB?s bond purchases decision.
It has been reported that Asmussen is also affiliated with the opposition Social Democrats .In 2009 he successfully survived after the German Finance Ministry was given in the hands of the conservatives. Analysts say that the Asumussen survived because he had a lot of experience in Financial and European policy. Furthermore, in 1996 Asmussen re joined the ministry and soon made his mark again.
Meanwhile, Schaeuble said in the meeting that he along with Francois Baroin, the French Finance Minster, plans to make new reforms on Euro zone governing. They will meet with their counterparts in Poland on Thursday.
Reports state that the governance of Euro zone has been a major debate. Portugal, Greece and Ireland require billions of euros in rescue loans. Furthermore, investors are worried about finances of bigger euro zone nations such as Italy and Spain.
Couple of months back, Nicolas Sarkozy, French President and Angela Merkel, German Chancellor said that Europe needs a new economic government.
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Source: http://www.gev.com/2011/09/german-finance-minister-joerg-asmussen-may-join-ecb-board/
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