THE Bundesbank council is made up of two groups permanent senior officials who are members of the Frankfurt based executive directorate that conducts open markets operations and presidents of the regional central banks in federally structured Germany. There is a split between hawks and doves over the implementation of EMU. Chancellor Dr Kohl and Finance Minister Dr Waigel have no role in the Bundesbank but have a keen interest in the debate.
HANS TIETMEYER, 65, is the Bundesbank president. His term expires in August, 1999. Mr Tietmeyer, a Christian Democrat (CDU), is a top ally of Chancellor Helmut Kohl, who is pushing the EMU agenda. Known as a monetary policy centrist, he joined the bank board in January, 1990, after a career in Bonn ministries.
Named president in October 1993, he wants a strict interpretation of the Maastricht Treaty and has pushed for a powerful stability pact for the future single currency. He is critical of "window dressing" finance measures to meet EMU criteria.
JOHANN WILHELM GADDUM, 66, vice president whose term expires in June 1998. Mr Gaddum, a CDU member and former president of the Rheinland Palatinate bank, joined the Directorate in 1986. He was appointed to his current job in October 1993. A centrist, he is an expert on capital markets but has limited international exposure. He is sympathetic to public fears about the euro.
OTMAR ISSING, 60, chief economist. A professor who has no political affiliation, he joined the council in October 1990 and is seen as a centrist on monetary issues. A proponent of the EMU stability pact, he warns against softening EMU entry criteria.
WENDELIN HARTMANN, 59, directorate member for payment systems and controlling. A technical banking expert with no political affiliation, he joined in 1964 and was appointed to the directorate in June, 1992. He chairs a working group at the European Monetary Institute, the precursor to a European central bank, on co ordinating cashless payments under EMU. He is seen as a hawk on monetary policy who would favour interest rate hikes if necessary.
HELMUT SCHIEBER, 58, directorate member for international relations who has no political affiliation. Joined in 1964 and the directorate in June, 1992. A centrist on rate policy, he believes the EMU target start date of January, 1999, will be hard to meet and entrance criteria should not be relaxed. He also believes EMU members should not be selected before March, 1998.
PETER SCHMIDHUBER, 65, directorate member for legal and administrative issues. A Christian Social (CSU) member, he is an ally of Finance Minister Theo Waigel, who want entey criteria adhered to. Viewed as monetarist hawk, he joined the directorate in March 1995. He believes a timely start to EMU is possible if steps are taken to ensure stability and a delay could endanger the whole project.
EDGAR MEISTER, 56, directorate member in charge of banking supervision. A Social Democrat (SPD), he joined the directorate in 1993 and is considered a favourite to replace Mr Gaddum. A monetarist dove, he wants clear interpretation of EMU entry criteria.
KLAUS DIETER KUEHBACHER,
53, President of Berlin and Brandenburg state central bank. A former Bundestag member viewed as an outspoken SPD politician and expert on fiscal policy, he was named in September, 1995, to his position. A monetarist dove, he wants EMU to start on time with a small group of nations.
FRANZ-CHRISTOPH ZEITLER,
48, President of Bavaria state central bank. A CSU member viewed as a monetary centrist, he was appointed to his post in 1995. He oversaw the 1991 introduction of a "solidarity surcharge" to pay for German unification. He is critical of nations using gimmicks to meet entry criteria.
REIMUT JOCHIMSEN, 63, President of North Rhine Westphalia state central bank. An SPD member and former professor, he was economics minister of North Rhine Westphalia before taking up his current position in August, 1990. He is a monetarist centrist to dovish who criticised France for its budget moves and says Germany will not accept the euro if criteria are eased.
HANS-JUERGEN KOEBNICK,
58, President of Saarland and Rheinland-Palatinate state central bank. A former journalist and SPD mayor, he was named to his position in 1991 and as Rheinland-Pfalz, bank president in 1993. A monetarist dove, he says forecasts that Germany may miss EMU criteria in 1997 are realistic and an EMU delay could be useful. He says Italy, Spain and other "Club Med" nations were unlikely to be in the first group.
GUNTRAM PALM, 65, President of Baden Wuerttemberg state central bank. A CDU member, he was state minister before being named to his current job in April 1992. A monetarist hawk, he warns against using tricks to join EMU. Favours criteria interpretation aimed at stability.
ERNST WELTEKE, 54, President of Hesse state central bank. A SPD member and former state economics and finance minister, he was named to his job in 1995. He, a monetarist dove, says an EMU delay to enlarge the group is unwise and could threaten the project. He sees some leeway in budget criteria.
OLAF SIEVERT, 63, President of Saxony and Thuringia state central bank. A non party professor he was named to his job in January 1993. A monetarist dove, he says an EMU delay would be the beginning of the end and favours a small group. He sees the euro helping to solve unemployment problems in Europe.
HANS JUERGEN KRUPP, 63, President of Schleswig Holstein and Hamburg and Mecklenburg Vorpommern state central bank. A SPD member and monetarist dove, he was president of DIW institute and named to his current post in December, 1993. He says nations do not need to hit debt criteria exactly to qualify and sees room for manoeuvre, particularly on public debt.
HELMUT HESSE, 62, President of Lower Saxony and Bremen and Saxony Anhalt bank. He has no political affiliations. He was named bank president in December, 1988, and given responsibility for more regional banks in November 1992. Hesse has made little public commentary on currency union but is considered centrist to hawkish.
