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Jorg AsmussenGerman economist and politician
Date of Birth: 31.10.1966
Country:  Germany |
Content:
- Jörg Asmussen: Economist and Politician
- Government Service
- Role in the Financial Crisis
- Role in the Greek Bailouts
- European Central Bank
- Current Role
Jörg Asmussen: Economist and Politician
Early Life and EducationJörg Asmussen was born on October 31, 1966, in Flensburg, Germany. He holds a bachelor's degree in business administration from Bocconi University (1992) and a doctorate in economics from the University of Bonn (1994).
Government Service
After two years at the Institute for Social Research and Social Policy (ISG) in Cologne, Asmussen held various positions in the German Federal Ministry of Finance. From 2008 to 2011, he served as State Secretary, responsible for the departments of fiscal and macroeconomic policy. He also oversaw financial market development and European policy.
Role in the Financial Crisis
Asmussen played a crucial role in addressing financial instability during the 2008 crisis. He persuaded the government to provide €9 billion in aid to Düsseldorf-based IKB Deutsche Industriebank, the first German casualty of the US subprime crisis. However, n-tv accused Asmussen of contributing to the crisis, alleging that he failed to challenge risky investments in mortgage-backed securities and later bailed out the situation at taxpayer expense.
Role in the Greek Bailouts
Asmussen participated in negotiations between Berlin and other eurozone members on assisting Greece, which faced economic difficulties due to the global financial crisis. Reuters reported that Asmussen urged the Finance Minister to consider a plan that would minimize the impact on German banks in the event of a Greek default. Regarding the second Greek bailout, Asmussen emphasized the need to delay the disbursement until Greece met conditions for stricter fiscal discipline.
European Central Bank
In 2012, Asmussen was appointed to the Executive Board of the European Central Bank, replacing Jürgen Stark, who resigned "for personal reasons."
