Joerg Asmussen will take over deputy Labour Minister in new Germany government. He will quite as executive board member of European Central Bank in Frankfurt. Asmussen has earlier served as Finance Minister in Berlin.
He was appointed to ECB Executive Board by Chancellor Angela Merkel. New German government will start functioning from Tuesday. Asmussen said that the decision to join German government was taken due to family reasons. He added that he wanted to spend more time with his family and ECB job in Frankfurt required too much of traveling.
Asmussen has been fairly successful as ECB Executive Board member. During his tenure, he has been actively involved in policy decisions of ECB. ECB President Mario Draghi added that Asmussen will be missed at ECB. He said that Asmussen has been of great help in sharing the monetary policy and dealing with leadership of several European countries during decisions on bailout packages.
German Chancellor Angela Merkel said that Germany will soon propose his successor at ECB. There were speculations that Asmussen would be called back as Finance Minister. He worked as Finance Minister under Angela Merkel government between 2008 and 2011.
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