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Axel Weber pulls out of ECB race

Friday 11 February 2011 - by Nicola York

Axel Weber, one of the leading candidates in the race to take over as president of the European Central Bank, appears to have pulled out of the running after he tendered his resignation today as head of the Bundesbank.

Weber is rumoured to have ruled himself out for the ECB role after being told he did not have the support of enough countries, according to some reports.

It emerged today that he is leaving the German Central Bank for "personal reasons" and will be stepping down at the end of April.

Instead, Weber - who comes 22nd in the GFS Power 50 - is reportedly considering a move to the private sector - most likely Deutsche Bank. It is still unclear whether Weber will also resign from his current role on the ECB's governing council.

Weber's main rival to succeed Jean-Claude Trichet, whose eight-year terms ends in October this year, is Mario Draghi, chairman of the Financial Stability Board & Governor of Banca d'Italia.


But Weber potentially being out of the running doesn't necessarily mean Draghi will have a clear path to the finish line; the latest favourite to emerge is Klaus Regling, who heads up the European Financial Stability Facility.

Regling is also a former director general for economic and financial affairs at the European Commission.


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