Bundesbank's president says it aims to hasten gold repatriation


Bundesbank President Attacks Angela Merkel's Policies

By Claire Jones
Financial Times, London
Thursday, March 13, 2014

FRANKFURT, Germany -- The head of Germany's Bundesbank has attacked Chancellor Angela Merkel's reform agenda, warning that changes to the labour market and the coalition’s softer tone on the country’s trade surplus risk weakening the eurozone's economic powerhouse.

Jens Weidmann, the president of the central bank and a former adviser to Ms Merkel, on Thursday said that the introduction of a minimum wage and attempts to cut the retirement age of some workers could damage the labour market. But his sharpest rebuttal was reserved for the coalition's more conciliatory stance on the German trade balance. ...

Mr. Weidmann also said that the Bundesbank would step up efforts to repatriate half its gold reserves that it has built up through its trade surpluses at overseas central banks to Frankfurt, with the rest remaining in New York and London. In a nod to the public support for the move, the Bundesbank president quoted Goethe's Faust: "The lure of gold has power over all." ...

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