German government chooses Joachim Nagel to head central bank

BERLIN (AP) — The new German government has chosen an experienced central banker and former board member of Germany’s state-owned development bank to head the country’s central bank. The finance minister said Monday that Joachim Nagel was nominated to succeed Jens Weidmann, who announced in October that he would step down at the end of the year after a decade as the Bundesbank’s president. National central bank governors in the 19 countries using the euro have a seat on the European Central Bank’s governing council. In that position, Weidmann has been the chief skeptic of expansive stimulus policies. Nagel is deputy head of banking at the Bank for International Settlements, an international association of central banks.