Key ECB Figure Joins German’s Coalition

One of the most influential members of the European Central Bank’s governing council who has been central to Frankfurt’s role in sorting out the eurozone crisis has decided to leave the bank to join the new German governing coalition as a junior minister.

Jörg Asmussen, who joined the ECB executive board only last year, has been responsible for international and European relations including the proposed eurozone banking union.

He is to return to Berlin to become deputy labour minister. Like the new labour minister Angela Nahles, Mr Asmussen is an SPD member. A former finance ministry bureaucrat, and deputy minister in 2008-11, he was mentioned in the media as a possible finance minister if the SPD had managed to grasp control of the ministry from Wolfgang Schäuble, the CDU stalwart.

CNBC

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