Jörg Asmussen

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Jörg Asmussen
Jörg-Asmussen-2012-III-15-Freiburg.JPG
Jörg Asmussen, March 2012
Born (1966-10-31) 31 October 1966 (age 47)
Flensburg, West Germany
Nationality German
Institution European Central Bank
Alma mater University of Bonn
Bocconi University

Jörg Asmussen (born 31 October 1966) is a German economist and politician. He is a member of the Social Democratic Party of Germany and served as a member of the executive board of the European Central Bank (ECB). Previously, he served as Deputy Finance Minister of Germany. With the incoming German government, he will transfer to the Ministry of Labour.

Education[edit]

Asmussen earned a Master's degree in Business Administration, Bocconi University in 1992 and a Diplom degree in Economics, University of Bonn in 1994.[1]

Career[edit]

After two years (1994–96) at the Institut für Sozialforschung und Gesellschaftspolitik (de) in Cologne, Asmussen held a succession of positions in the German Federal Ministry of Finance. From 2008–11, he was State Secretary at the Ministry, responsible for the Directorate's fiscal policy and macroeconomic affairs, financial market policy and European policy.[1]

As a financial advisor of the coalition government 2005–2009 and as the Finance Ministry's representative for True Sale International, an association of banks and financial service interest groups in Germany, Asmussen supported bank deregulation and an extension of the market of asset-backed securities (ABSs). Some sources highlighted his role in the run up to financial crisis of 2007.[2] Whilst at the Ministry he was responsible for the German Federal Financial Supervisory Authority (Bafin) at the time when the Düsseldorf based IKB Deutsche Industriebank had to be restructured — mainly due to ABS investments. Asmussen was member of the supervisory board of that bank at that time (2007).

European Central Bank[edit]

In 2012, Asmussen was appointed to the ECB Executive Board, succeeding Jürgen Stark. Originally rumoured to be appointed to serve as chief economist of the ECB,[3]—a position for which French ECB board member Benoît Cœuré was also a candidate—Asmussen was instead given responsibility for International and European Relations on the board. Belgian Peter Praet was given responsibility for the Economics department.[4] Some saw the debate around this appointment as highly controversial, when questions were asked about the North-South balance in the ECB's governing structure.[citation needed]

References[edit]

  1. ^ a b Jörg Asmussen, cv, ECB webpage. Retrieved 2012-10-08.
  2. ^ See Süddeutsche Zeitung, 17 May 2010: Asmussens Rollenspiel (Asmussens role play)
  3. ^ "The ECB's new chief economist: Out of Berlin". The Economist. 12 September 2011. 
  4. ^ Mahler, Armin, "Draghi Walks the Tightrope of National Sensitivities", analysis, Spiegel, January 4, 2012.