Der Spiegel has a good roundup of the chatter inside Germany following the news that Bundesbank chief and uber-hawk Axel Weber would not stand for election as ECB chief.
The prevailing wisdom is that it’s a major blow to Angela Merkel, particularly as big meetings are coming up.
From FT Deutschland:
“Wednesday was a disaster for Angela Merkel. For a long time, the chancellor did not want to take an official position when it came to the competition for the position of ECB president. She maneuvered so long that she has now lost her strongest trump card in the upcoming succession negotiations. The next ECB president will not likely come from Germany. Merkel did not demonstrate strength or negotiation finesse. Once again, she looked hesitant and is now left to react to events.”
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