Jürgen Stark (born 31 May 1948 in Gau-Odernheim, Germany)[1] is a German economist who served as a member of the Executive Board of the European Central Bank from 2006 to 2011 and concurrently as ECB chief economist. Within the Executive Board, he was responsible for Economics and for Monetary Analysis and resigned before expiration of his term in opposition to ECB's bond-buying programme.
Jürgen Stark | |
|---|---|
 | |
| Chief Economist of the European Central Bank | |
| In office 1 June 2006 – 31 December 2011 | |
| President | Jean-Claude Trichet Mario Draghi |
| Preceded by | Otmar Issing |
| Succeeded by | Peter Praet |
| Member of the Executive Board of the European Central Bank | |
| In office 1 June 2006 – 31 December 2011 | |
| Preceded by | Otmar Issing |
| Succeeded by | Jörg Asmussen |
| President of the Bundesbank Acting | |
| In office 16 April 2004 – 30 April 2004 | |
| Preceded by | Ernst Welteke |
| Succeeded by | Axel A. Weber |
| Personal details | |
| Born | 31 May 1948 Gau-Odernheim, Germany |
| Political party | Free Democratic Party |
| Education | University of Hohenheim University of Tübingen |
Early life and education
editStark grew up in Rhineland-Palatinate. His father owned a vineyard in Gau-Odernheim in the Rheinhessen wine region. Stark, the second son, considered continuing in the family business. He studied economics at the University of Hohenheim and University of Tübingen, both near Stuttgart, from 1968 to 1973. During that time, he told an interviewer he participated in protests including against the Vietnam War: “We all, more or less at one point or time or another, had revolutionary ideas about what was just. But this was an episode that came to an end with the end of my studies. Then I became more serious.”[2]
He received a doctorate in 1975.
Career
editFrom 1978 to 1998 Stark held economic policy positions in the German Federal Government. From September 1998 to May 2006 he served two consecutive terms as Vice President of the Bundesbank, acting as President of the bank in 2004.
On 9 September 2011, it was reported that Stark would leave the ECB due to disagreement with the bank's controversial bond-buying programme, according to Reuters,[3] while the ECB officially announced his resignation as being for "personal reasons". Stark's term had been set to expire in May 2014. Although he has officially resigned, he will continue to discharge the duties of his post until a successor is appointed, before the end of 2011. Current deputy finance minister of Germany, Jörg Asmussen, has been nominated as Stark's successor.[4] In December, Stark spoke out against the idea of the International Monetary Fund becoming a major participant in broader efforts to address the European sovereign debt crisis. He envisioned instead, in an interview with the Sueddeutsche Zeitung, "an informal board of experts, which carefully checks the budgets of member states ... [, as] the nucleus for a future European finance ministry."[5]
Other activities
editCorporate boards
editNon-profit organizations
edit- Bertelsmann Stiftung, Member of the Board of Trustees (since 2012)[7]
- Free Democratic Party (FDP), Member of the Business Forum[8]
- Friedrich August von Hayek Foundation, Member of the Board of Trustees[9]
- Ifo Institute for Economic Research, Deputy Chairman of the Board of Trustees[10]
- Senckenberg Nature Research Society, Member of the Board of Trustees[11]
Personal life
editStark "and his wife, Christine, whom he married in 1973, have a retirement house on the Baltic sea. They have two children. ... [H]e is on the board of Frankfurt’s Senckenberg natural history museum, reflecting his interest in palaeontology", it was reported in 2009.[2]
References
edit- ^ "ECB: Jürgen Stark". European Central Bank. Archived from the original on 24 July 2012. Retrieved 10 September 2011.
- ^ a b Atkins, Ralph, "Stark’s choices: an iconoclast’s take on the crisis", Financial Times, October 16, 2009 11:47 am. Retrieved 2011-12-16.
- ^ "ECB's Stark to leave over bond-buying row: sources". Reuters. 9 September 2011. Retrieved 2011-09-09.
- ^ "The ECB's new chief economist: Out of Berlin". The Economist. 12 September 2011.
- ^ "ECB's Stark opposes major IMF role in Europe: rpt", MarketWatch Frankfurt Bureau, December 11, 2011. Retrieved 2011-12-12.
- ^ Amundi creates a Global Advisory Board with world-renowned experts in global economic and political issues Amundi, press release of May 31, 2016.
- ^ "Kuratorium der Bertelsmann Stiftung erweitert – Jürgen Stark neues Mitglied". Focus Online. August 27, 2012. Retrieved May 15, 2020.
- ^ Business Forum Free Democratic Party (FDP).
- ^ Board of Trustees Friedrich August von Hayek Foundation.
- ^ Board of Trustees Ifo Institute for Economic Research.
- ^ Board of Trustees Senckenberg Nature Research Society.