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Coalition against new nomination process for board Buba

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Bundesbankgebaeude - (c) Bundesbank BERLIN / FRANKFURT (Dow Jones) – The representatives of the government coalition in the Finance Committee of the Bundestag have spoken out against a procedural change in the nomination of Bundesbank directors . (Photo : Bundesbank)

Both the fiscal spokesman for the union group and the liberal chairman of the Finance Committee declared on Friday amendments to the procedure is unnecessary. Previously, the committee member had told of Alliance 90/The Greens , his party would take after the " case Sarrazin " a new attempt to change the procedure for nomination of directors Bundesbank .
"Not whatever kind of personal misconduct nomination process can exclude people . For this reason, I think a change in the nomination procedure is not for the right consequences , "said the chairman of the Finance Committee , Volker Wissing, on to Dow Jones Newswires Friday.
Bundesbank board Thilo Sarrazin was because of his statements to the intelligence of different ethnic groups living in Germany, advised and their genetic determination under fire. Subsequently, the Bundesbank had on Thursday Sarrazin dismissal under way and he deprived of his business . Prior to this, politicians and organizations have a dismissal of the former Berlin Finance Senator of the board of the Bundesbank demanded.
According to the Bundesbank Act, the order of the President and the Vice-President of the Bundesbank and one other board member is proposed by the federal government, the other three members on the proposal of the Federal Council , in agreement with the federal government. Sarrazin was on a proposal of the State of Berlin was nominated for the Bundesbank board.
Alliance 90/The Greens want to change the nomination process to the effect that candidates can apply for a tender process and be heard then . "The process must be transparent and there must be clear criteria, " said Gerhard Schick, a representative of his party in the Finance Committee of the German Bundestag , on Friday to Dow Jones Newswires. He hopes that the parties have yet to agree on a long-term, stable control can .
"I think that in the case Sarrazin consequences must be drawn. We propose that the parties together again to find a new process , "said Schick. The Federal Parliament should deal with this issue after the summer break. Alliance 90/The Greens had already proposed in the Finance Committee in March to reform the process for selecting directors Bundesbank . The project , however, was the opposition of CDU / CSU and FDP failed the abstention of the SPD.
Send it receives support from the academic side . So said the Mannheim Economics Professor Klaus Adam, the appeal of the Bundesbank had to be fundamentally changed. "Given the new tasks of the Bundesbank in financial and bank stabilization now the time has come to change this, and this date may be missed under any circumstances , "he said.
Adam says it is now on Bundesbank president Axel Weber to convince the policy of the need for change. " The best thing , the public tender for executive position – and that Europe would be , "said Adam. The Bundesbank had to get it assigned the primary responsibility for the selection of their board members – supported by experts from research institutes and universities.
On the other hand saw the fiscal spokesman Unions Parliamentary Group , Leo Dautzenberg , right after the dismissal motion against Sarrazin no need to change the selection rules for the Bundesbank board members : "We have a balanced system of federal government and states and an integration of the independent Bundesbank board. Any more political participation the good reputation of the Bundesbank could jeopardize as an independent central bank , "he said.
And said committee Chairman Wissing , "Who gains from the case Sarrazin conclusions about the quality of the competition , fails to recognize that has performed in the past, the vast majority of the Bundesbank board members their duties in a responsible manner for the good of our country. A change in procedure is not in my view, necessary. "

By Hans – Bentzien , Dow Jones Newswires , +49 (0 ) 69 29 725 300
Hans.Bentzien @ dowjones.com

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