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German FinMin Schaeuble Backs Lautenschlaeger For ECB Board

German Finance Minister Wolfgang Schaeuble said on Monday that it would be a good idea to consider Bundesbank Vice President Sabine Lautenschlaeger as the replacement for Joerg Asmussen on the European Central Bank's Executive Board.

In an interview to the German radio station Deutschlandfunk on Monday, Schaeuble said,"She is an excellent Vice President of the Bundesbank".

On Sunday, Joerg Asmussen announced that he will step down from ECB's Board to accept the post of the Deputy Labor Minister in the new German government under Chancellor Angela Merkel.

Further, Schaeuble said the ECB is currently in the process of establishing its bank supervision mechanism. Hence, he said, Lautenschlaeger would be the ideal candidate as she has extensive experience in banking supervision.

Schaeuble added that no decision has been made yet, regarding who will replace Asmussen, as the coalition government is being put in place this week.

Asmussen has been a member of the Executive Board since January 2012. He succeeded Jurgen Stark, who resigned his post due to differences over the bank's bond purchase program.

As a member of the centre-left Social Democrats (SPD) he has served the German Finance Ministry in various capacities between 1996 and 2011.

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