German Government Cool to Bundesbank President Nagel for ECB Presidency

The German government is unlikely to nominate Bundesbank President Joachim Nagel for the presidency of the European Central Bank, according to reports from Handelsblatt.

The newspaper cited four people familiar with the matter and stated that officials in the Chancellor's office see Nagel as having little prospect of securing the post. Reservations about him also exist within Chancellor Friedrich Merz's Christian Democratic Union (CDU).

One factor weighing against a German candidacy is that European Commission President Ursula von der Leyen is mentioned, but no further details are provided.