By Paul Gordon and Rainer Buergin Dec 16, 2013 10:49 AM GMT+0200
Joerg Asmussen is to leave the European Central Bank’s Executive Board for a government position, depriving President Mario Draghi of a key German ally.
Asmussen, 47, will become deputy labor minister in German Chancellor Angela Merkel’s government and will shortly resign from his post at the ECB, he said in a statement distributed by the Frankfurt-based institution yesterday. Asmussen has been on the six-person Executive Board, which implements monetary policy for the euro area, since January 2012. His term was scheduled to run until 2019.