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Oct. 20, 2021, 5:05 a.m. EDT

Deutsche Bundesbank President Jens Weidmann resigns

Jens Weidmann, the president of the Bundesbank and one of the more hawkish European Central Bank voters, announced his resignation on Wednesday , which he said was for personal reasons. Weidmann said he will leave at the end of the year. "I have come to the conclusion that more than 10 years is a good measure of time to turn over a new leaf - for the Bundesbank, but also for me personally," Weidmann said. He noted the "sometimes difficult" discussions at the ECB, including the central bank's new strategy. "A symmetrical, clearer inflation target has been agreed. Side effects and in particular financial stability risks are to be given greater attention. A targeted overshooting of the inflation rate was rejected," Weidmann said. The euro (XTUP:EURUSD) saw little movement after his resignation, recently fetching $1.1628.

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