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Jürgen Stark (born 31 May 1948 in
Gau-Odernheim Gau-Odernheim (until 1896 simply ''Odernheim'') is an ''Ortsgemeinde'' – a municipality belonging to a ''Verbandsgemeinde'', a kind of collective municipality – in the Alzey-Worms district in Rhineland-Palatinate, Germany. Geography Locat ...
, Germany) is a German economist who served as a member of the
Executive Board of the European Central Bank The Executive Board of the European Central Bank is the organ responsible for implementing monetary policy for the Eurozone in line with the guidelines and decisions taken by the Governing Council of the European Central Bank. The Executive Board ...
from 2006 to 2011 and concurrently as ECB chief economist. Within the Executive Board, he was responsible for Economics and for Monetary Analysis and resigned before expiration of his term in opposition to ECB's bond-buying programme.


Early life and education

Stark grew up in
Rhineland-Palatinate Rhineland-Palatinate ( , ; german: link=no, Rheinland-Pfalz ; lb, Rheinland-Pfalz ; pfl, Rhoilond-Palz) is a western state of Germany. It covers and has about 4.05 million residents. It is the ninth largest and sixth most populous of the ...
. His father owned a vineyard in Gau-Odernheim in the Rheinhessen wine region. Stark, the second son, considered continuing in the family business. He studied economics at the
University of Hohenheim The University of Hohenheim (german: Universität Hohenheim) is a campus university located in the south of Stuttgart, Germany. Founded in 1818, it is Stuttgart's oldest university. Its primary areas of specialisation had traditionally bee ...
and
University of Tübingen The University of Tübingen, officially the Eberhard Karl University of Tübingen (german: Eberhard Karls Universität Tübingen; la, Universitas Eberhardina Carolina), is a public research university located in the city of Tübingen, Baden-Wü ...
, both near
Stuttgart Stuttgart (; Swabian: ; ) is the capital and largest city of the German state of Baden-Württemberg. It is located on the Neckar river in a fertile valley known as the ''Stuttgarter Kessel'' (Stuttgart Cauldron) and lies an hour from the S ...
, from 1968 to 1973. During that time, he told an interviewer he participated in protests including against the
Vietnam War The Vietnam War (also known by other names) was a conflict in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975. It was the second of the Indochina Wars and was officially fought between North Vietna ...
: “We all, more or less at one point or time or another, had revolutionary ideas about what was just. But this was an episode that came to an end with the end of my studies. Then I became more serious.”Atkins, Ralph
"Stark’s choices: an iconoclast’s take on the crisis"
''Financial Times'', October 16, 2009 11:47 am. Retrieved 2011-12-16.
He received a doctorate in 1975.


Career

From 1978 to 1998 Stark held economic policy positions in the German Federal Government. From September 1998 to May 2006 he served two consecutive terms as Vice President of the
Bundesbank The Deutsche Bundesbank (), literally "German Federal Bank", is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks (ESCB). Due to its strength and former size, the Bundesbank is the mos ...
, acting as President of the bank in 2004. On 9 September 2011, it was reported that Stark would leave the ECB due to disagreement with the bank's controversial bond-buying programme, according to
Reuters Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was establ ...
, while the ECB officially announced his resignation as being for "personal reasons". Stark's term had been set to expire in May 2014. Although he has officially resigned, he will continue to discharge the duties of his post until a successor is appointed, before the end of 2011. Current deputy finance minister of Germany, Jörg Asmussen, has been nominated as Stark's successor. In December, Stark spoke out against the idea of the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glob ...
becoming a major participant in broader efforts to address the
European sovereign debt crisis The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone memb ...
. He envisioned instead, in an interview with the '' Sueddeutsche Zeitung'', "an informal board of experts, which carefully checks the budgets of member states ... asthe nucleus for a future European finance ministry."


Other activities


Corporate boards

*
Amundi Amundi is a French asset management company. With €2 trillion of assets under management (AUM) at the end of 2021, it is the largest asset manager in Europe and one of the 10 biggest investment managers in the world. Founded on 1 January 2010, ...
, Member of the Global Advisory Board (since 2016)


Non-profit organizations

*
Bertelsmann Stiftung The Bertelsmann Stiftung is an independent foundation under private law, based in Gütersloh, Germany. It was founded in 1977 by Reinhard Mohn as the result of social, corporate and fiscal considerations. As the Bertelsmann Stiftung itself h ...
, Member of the Board of Trustees (since 2012) * Free Democratic Party (FDP), Member of the Business Forum * Friedrich August von Hayek Foundation, Member of the Board of Trustees * Ifo Institute for Economic Research, Deputy Chairman of the Board of Trustees * Senckenberg Nature Research Society, Member of the Board of TrusteesBoard of Trustees
Senckenberg Nature Research Society.


Personal life

Stark "and his wife, Christine, whom he married in 1973, have a retirement house on the Baltic sea. They have two children. ... is on the board of Frankfurt’s Senckenberg natural history museum, reflecting his interest in
palaeontology Paleontology (), also spelled palaeontology or palæontology, is the scientific study of life that existed prior to, and sometimes including, the start of the Holocene epoch (roughly 11,700 years before present). It includes the study of fos ...
", it was reported in 2009.


References


External links


J. Stark biography at the ECB
, - , - {{DEFAULTSORT:Stark, Jurgen 1948 births German economists Living people Presidents of the Deutsche Bundesbank University of Tübingen alumni Executive Board of the European Central Bank members