BREAKINGVIEWS-Stark resignation won't alter ECB policy Reuters - 09/09/2011 16:58:38 By Pierre Briançon
LONDON, Sept 9 (Reuters Breakingviews) - The unexpected departure of its chief economist is only the latest sign of ECB divisions on the debt crisis. His opposition to bond buying was already public. Stark's decision will accelerate the changing of the guard in Frankfurt, but it won't affect the ECB's course.
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CONTEXT NEWS
-- Juergen Stark, a member of the European Central Bank's executive board, will resign from his position, the ECB said in a statement on Sept. 9.
-- Stark informed ECB president Jean-Claude Trichet that he was leaving "for personal reasons", the bank said.
-- The ECB statement confirmed an earlier Reuters report from euro zone sources. It cited Stark's fierce opposition to the resumption of the ECB's bond-buying programme, which came after euro zone members agreed on a second bailout package for Greece on July 21.
-- Stark had been appointed to the ECB's board in June, 2006 for what should have been an eight-year term.
-- Reuters story: Stark to leave ECB over bond-buying row-sources (
news)
-- Reuters PROFILE-ECB Executive Board member Juergen Stark (
news)
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
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(Editing by Robert Cole and David Evans)