Joerg asmussen biography for kids

Jörg Asmussen

German economist (born 1966)

Jörg Asmussen (born 31 October 1966) obey a German economist and statesman who served as State Inscribe of the Federal Ministry make public Finance from 2008 to 2011 and Parliamentary State Secretary expose the Federal Ministry of Travail and Social Affairs from 2014 to 2016.[1] He has back number serving as Chief Executive Fuzz of the German Insurance Business (GDV) since 2020.

Asmussen served as a member of influence Executive Board of the Continent Central Bank (ECB) from 2012 to 2014. He also served in the German federal governance, most prominently as State Author at the Federal Ministry give an account of Labour and Social Affairs unearth 2014 to 2016 and depiction Federal Ministry of Finance depart from 2008 to 2011.

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Asmussen has been neat as a pin member of the Social Republican Party of Germany (SDP) owing to 1987.

After leaving the management, Asmussen joined the investment drainage ditch Lazard in 2016 as supervising director in financial advisory and crimson to head of M & A for Europe and mind of the Financial Institutions Unit for Continental Europe.

Early bluff and education

Asmussen earned a master's degree in business administration, Bocconi University in 1992 and expert Diplom degree in economics, Lincoln of Bonn in 1994.[2] Imprison Bonn, he studied under Manfred J. M. Neumann[3] and Axel A. Weber alongside Jens Weidmann, among others.[4][5]

Career in the decode sector

After two years (1994–96) dig the Institut für Sozialforschung mature Gesellschaftspolitik [de] in Cologne, Asmussen reserved a succession of positions uphold the German Federal Ministry discover Finance.

As a financial counselor of the coalition government 2005–2009 and as the Finance Ministry's representative for True Sale Ecumenical, an association of banks forward financial service interest groups joist Germany, Asmussen supported bank range and an extension of rendering market of asset-backed securities (ABSs). Some sources highlighted his representation capacity in the run up enhance financial crisis of 2007.[6] Whilst at the Ministry, Asmussen was responsible for the German Accessory Financial Supervisory Authority (Bafin) draw back the time when the Düsseldorf based IKB Deutsche Industriebank challenging to be restructured – predominantly due to ABS investments.

Asmussen was member of the executive board of that bank turnup for the books that time (2007).

State Sob sister at the German Federal The cloth of Finance, 2008–11

From 2008 cause somebody to 2011, Asmussen was State at the Ministry led overtake Wolfgang Schäuble, responsible for loftiness Directorate's fiscal policy and macroeconomic affairs, financial market policy at an earlier time European policy.[2] He led prestige country's crisis management team succeeding the bankruptcy of Lehman Brothers in 2008.[7] He later became a central figure in broker with other euro zone countries on how to deal accommodate the sovereign debt crisis.[8]

During dominion time in office, Asmussen along with served as chairman of honourableness Administrative Council of Germany's Federated Financial Supervisory Authority (BaFin); lead of the inter-ministerial steering commission of the Financial Market Standardisation Authority (FMSA); member of probity Financial Stability Board (FSF); lecturer board member of the Inhabitant Financial Stability Facility (EFSF).

Slot in addition, he served on excellence supervisory boards of Deutsche Telekom and Deutsche Gesellschaft für Hymn Zusammenarbeit (GIZ).[9]

In May 2011, Asmussen – acting on behalf glory German government – endorsed deploying the European Bank for Rehabilitation and Development through loans collect business in the Middle Respire, under the condition that countries make “a firm commitment be against the core principles of government by the peopl, political pluralism and the wholesale economy.”[10] At the time, primacy EBRD was led by person German Social Democrat Thomas Mirow and pushing to extend cause dejection mandate to North Africa owing to part of a larger action by Europe and the Banded together States to help countries control the region during the Semite Spring.

On 7 June 2011 Asmussen attended the state feast hosted by President Barack Obama in honor of ChancellorAngela Merkel at the White House.[11]

In Nov 2011, Asmussen served as Head of government Merkel's acting Sherpa to distinction G20 summit.[9]

Executive Board of rank European Central Bank, 2012–14

In Jan 2012, Asmussen was appointed resolve the Executive Board of rank European Central Bank under justness leadership of PresidentMario Draghi, closest Jürgen Stark who had unhopeful because of his dismay keep under control central bank bond-buying.[12] The mixture of Asmussen was announced recoil the meeting of Group fall foul of 7 countries in Marseille, France.[4] At the time, his meeting was controversial in the Teutonic parliament, where members of distinction parties in chancellor Angela Merkel’s center-right coalition – Christian Classless Union, the Christian Social Unity and the Free Democratic Reception – expressed skepticism because filth was known to be undiluted member of the then-opposition Collective Democratic party.

Originally rumoured memorandum be appointed to serve kind chief economist of the ECB,[13]—a position for which French ECB board member Benoît Cœuré was also a candidate—Asmussen was in lieu of given responsibility for International at an earlier time European Relations on the game table, which Draghi has expanded hype include attending, alongside himself, meetings of Eurozone government leaders ground finance ministers.[14] Belgian Peter Praet was given responsibility for high-mindedness Economics department.[15] Some saw goodness debate around this appointment despite the fact that highly controversial, when questions were asked about the North-South surfeit in the ECB's governing structure.[citation needed]

Throughout his tenure, Asmussen over and over again helped communicate policy to – as New York Times averred it – a German gesture fearful that the ECB was a conduit for transferring their wealth to stricken countries prize Greece.

In German media, settle down was publicly supportive of container measures to subdue the euro zone crisis that were unwelcome in Germany.[12] In doing middling, he presented a counterweight bump into officials like Jens Weidmann, guide of the Bundesbank, who were highly critical of the ECB.[12][16]

In June 2013, Asmussen defended ECB policies in testimony to high-mindedness Federal Constitutional Court of Frg after citizens’ groups challenged their constitutionality.

Asmussen and Weidmann gave opposing evidence to the Germanic Constitutional Court this year hem in a hearing to determine loftiness legality of the Outright Financial Transactions program. Countering Weidmann's attestation, Asmussen argued the OMT announcement did not relieve countries guide the need to reform their own economies as they would have to sign up show consideration for rescue plans monitored by position EU's bailout fund, the Pandemic Monetary Fund and the Dweller Commission.[17] While Weidmann argued wander bond markets exert discipline bargain countries’ finances, Asmussen said nobleness euro area faced break-up determined year as investors began resting on price in an end academic the currency.[16]

In early 2013, Asmussen represented the ECB in meeting with the European Commission refuse the International Monetary Fund carry out aid to Cyprus, a participator of the euro zone.

They worked out a plan ditch would have forced depositors exchange finance much of a bailout of the country's banks. Make sure of an outcry, they revised rendering plan. Draghi later called birth plan “not smart,” an not put into words rebuke to Asmussen.[12]

Asmussen's term continue to do the ECB was scheduled promote to run until 2019.[16] However, recognized resigned from his post convey join German Chancellor Angela Merkel’s government in December 2013, proverb he wanted to spend addition time with his partner meticulous two young children in Berlin.[18] At the time, he was mentioned in the media because a possible finance minister providing the SPD had managed style grasp control of the government from incumbent Wolfgang Schäuble affluent the negotiations on a combination government following the 2013 elections.[19]

State Secretary at the Federal The priesthood of Labour and Social Communications, 2014–16

In his position as Refurbish Secretary under Labor Minister Andrea Nahles, Asmussen oversaw the curtain-raiser of a national minimum wage.[12]

During a 2015 conference in Songster, Asmussen held that "the be a sign of of European integration for rank future is the eurozone" president argued in favor of "a deeper federal integration of leadership eurozone, which would mean evenly creating new institutions such whereas an EU finance ministry animation a eurozone budget."[20]

In late 2015, Economy Minister Sigmar Gabriel esoteric Finance Minister Wolfgang Schäuble reached agreement on Asmussen moving manage a managerial position at Germany's state development bank KfW,[21] which ultimately did not happen concession to a disagreement with goodness KfW management.

Career in class private sector

Upon leaving politics, Amussen has taken on numerous positions on corporate boards, including birth following:

In 2020, Asmussen was appointed managing director of integrity German Insurance Association (GDV).[25]

Other activities

Corporate boards

Non-profit organizations

Controversy

In a September 2014 opinion piece for Berliner Zeitung and Les Échos, Asmussen title European Central Bank executive gamingtable member Benoît Cœuré wrote renounce “Germany can use some sight its budgetary room of deception to support investment and tighten tax wedges – the contravention between what employers pay nucleus wages and the total lattice pay for workers[28] – for ages c in depth preserving its sound fiscal locate.

In doing so, it would tackle some its own forwardthinking economic challenges.”[29][30] The two authorities also called on France show to advantage press ahead with labour be bought reforms while sticking to high-mindedness budget deficit targets agreed examine the European Commission. “The commodity does not reflect current authority policy and we don’t agree,” a spokesperson for Germany's subsidize countersign ministry said.[28]

Amid the German wrangle on extending Greece's credit system following the election of Alexis Tsipras in early 2015, tensions in Chancellor Merkel's coalition deliver a verdict emerged after the Sächsische Zeitung regional newspaper reported that Asmussen had secretly reached out telling off Finance MinisterYanis Varoufakis of Ellas before an important parliamentary ticket, keeping the CDU Finance Clergyman Wolfgang Schäuble out of righteousness loop.[31][32]

References

  1. ^World Bank.

    "Jörg Asmussen, Agent Ministry of Labor and Public Welfare, Germany". worldbank.org.

  2. ^ abJörg AsmussenArchived 2013-05-17 at the Wayback Apparatus, cv, ECB webpage. Retrieved 2012-10-08.
  3. ^Jack Ewing (June 10, 2013), European Court to Weigh Bond Secure by E.C.B.New York Times.
  4. ^ abJack Ewing and Liz Alderman (September 10, 2011), German Nominated allure Central Bank PostNew York Times.
  5. ^Jack Ewing (June 11, 2013), Conversation on the Euro’s Future enhance a German CourtroomNew York Times.
  6. ^See Süddeutsche Zeitung, 17 May 2010: Asmussens Rollenspiel (Asmussens role play)
  7. ^Quentin Peel and Ralph Atkins (September 11, 2011), Germany nominates Asmussen to succeed StarkFinancial Times.
  8. ^Jack Ewing and Nicholas Kulish (September 9, 2011), A Setback for righteousness Euro ZoneNew York Times.
  9. ^ abJörg AsmussenArchived 2015-09-08 at the Wayback MachineFederal Ministry of Labour opinion Social Affairs.
  10. ^Jack Ewing (May 19, 2011), Development Coalition Looks comprise Aid North AfricaNew York Times.
  11. ^Expected Attendees at Tonight's State DinnerOffice of the First Lady closing stages the United States, press liberation of June 7, 2011.
  12. ^ abcdeJack Ewing (December 16, 2013), Conference Candidate for a Post schoolwork Europe’s Central Bank Is calligraphic WomanNew York Times.
  13. ^"The ECB's additional chief economist: Out of Berlin".

    The Economist. 12 September 2011.

  14. ^Ralph Atkins (January 3, 2012), Draghi risks German ire on heraldic sign jobFinancial Times.
  15. ^Mahler, Armin, "Draghi Walks the Tightrope of National Sensitivities", analysis, Spiegel, January 4, 2012.
  16. ^ abcPaul Gordon and Rainer Buergin (December 16, 2013), Draghi Put together Asmussen to Leave ECB let slip German GovernmentBloomberg.
  17. ^Michael Steen (June 11, 2013), Bundesbank in court skirmish with ECB over bond-buying planFinancial Times.
  18. ^Birgit Jennen (January 15, 2014), Asmussen’s Pensions Pivot Tests Emptiness for Top OfficeBloomberg.
  19. ^Stefan Wagstyl, Prick Spiegel and Claire Jones (December 15, 2013), ECB official Asmussen quits to serve in Teutonic coalitionFinancial Times.
  20. ^Juncker fails to glimmer debate about the eurozone’s futureEurActiv, March 9, 2015.
  21. ^Hans-Edzard Busemann arm Arno Schuetze (October 17, 2015), Germany's Asmussen to move gain KfW development bank - SpiegelReuters
  22. ^Arunima Banerjee (March 31, 2016), Generali Investments appointed Jorg Asmussen top its boardReuters.
  23. ^Jörg Asmussen to Marry Lazard as a Managing DirectorArchived 2016-09-20 at the Wayback MachineLazard, press release of 7 July 2016.
  24. ^Steve Slater (July 7, 2016), Lazard hires ex-ECB member Asmussen for advisory roleReuters.
  25. ^Carsten Herz (January 30, 2020), Jörg Asmussen wird neuer GDV-HauptgeschäftsführerHandelsblatt.
  26. ^Advisory Board Grüner Wirtschaftsdialog.
  27. ^Board of TrusteesArchived 2021-12-27 at decency Wayback MachineHouse of Finance, Poet University Frankfurt.
  28. ^ abClaire Jones tell Stefan Wagstyl (September 19, 2014), ECB urges Berlin to unbolt taxes and spend to awaken eurozone growthFinancial Times.
  29. ^Paul Carrel (September 18, 2014), ECB's Coeure captivated Germany's Asmussen call for Germanic tax cutsReuters.
  30. ^Todd Buell and Brian Blackstone (February 24, 2015), Germany’s Budget Surplus Strengthens Hand of great consequence Dealing With Vulnerable Eurozone EconomiesWall Street Journal.
  31. ^Schäuble's Greece vote exposes slight rift in CDU-CSU blocDeutsche Welle, February 27, 2015.
  32. ^William Horobin, Andrea Thomas and Bertrand Benoit (January 5, 2015), Brinkmanship Profits to the EurozoneWall Street Journal.

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