Banks - Bundesbank deputy Buch becomes head of ECB banking supervision
ECB banking supervision will soon be under German leadership: Claudia Buch, previously Vice President of the Deutsche Bundesbank, will be the head of the Single Supervisory Mechanism (SSM) at the European Central Bank (ECB) from January 1, 2024, making her the top banking supervisor for the eurozone.
ECB banking supervision was created in 2014 as a lesson from the banking and financial crisis. ECB Banking Supervision currently directly supervises 109 banks in the eurozone, which account for 82% of the banking market in the currency area. The aim is to ensure greater stability in the financial system with uniform rules for the largest financial institutions in the eurozone.
She wants to help ensure that "the banking sector remains resilient and serves the citizens of Europe", Buch said after her appointment. Buch will succeed the Italian Andrea Enria, who has been in charge of ECB banking supervision of the leading financial institutions in the eurozone since January 1, 2019. The term of office at the head of the Supervisory Board is limited to five years and cannot be extended.
Prior to her appointment to the Bundesbank's Executive Board on May 1, 2014, Buch was head of the Halle Institute for Economic Research (IWH) and served for many years as an "economic expert" on the German government's advisory committee. At the Bundesbank, the Paderborn-born economist was responsible for financial supervision, among other things.
In addition to Buch, the Bundesbank will lose another member of the Executive Board at the end of 2023: Joachim Wuermeling announced in March that he would be leaving his post early at the end of the year. Another position on the Bundesbank's six-member management board is currently vacant.
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Source: www.stern.de
