Germany's Central Bank Chief and the Future of the ECB

Axel Weber, the president of Germany's central bank, will step down from his position April 30, according to a German government spokesman. Weber, an inflation hawk, had been Berlin's favorite candidate for the presidency of the European Central Bank (ECB). However, a shift in Germany's attitude toward the eurozone economic crisis led to a split with Weber. This means the race for ECB leadership is wide open, and could result in an ECB whose policies are more accommodative than Weber would have liked.