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Meet The New Bundesbank Hawk At The ECB

Tyler Durden's picture


Following Joerg Asmusen's somewhat surprisingly short 2-year stay at the ECB, stepping down as board member to become Germany's secretary of state for labor, the voice of economic reason in Europe has proposed 49-year-old female Sabine Lautenschlaeger to the ECB. Filling Asmussen's shoes among the ECB's "whatever it takes" crowd will be hard and while little is known of Lautenschlaeger's policy perspective, Reuters notes, she has been among those who have warned about potential conflicts of interest when the ECB has responsibility for both monetary policy and banking supervision, and argued against treating government bonds as risk-free assets in bank books.



Sabine Lautenschlaeger

Curriculum Vitae

Born in Stuttgart, Baden-Württemberg; married to Thomas Peiter, one daughter

1984 - 1990
Studied law at the Rheinische Friedrich-Wilhelms University Bonn

First state examination in law; period abroad in Chicago, USA

Second state examination in law

1995 - 1998
Federal Banking Supervisory Office (Bundesaufsichtsamt für das Kreditwesen), Berlin; supervision of major banks

1999 - 2002
Federal Banking Supervisory Office, Berlin; Head of Press and Public Relations

2002 - 2004
Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin), Bonn; Head of Press and Public Relations/Internal Communication

2005 - 2008
Federal Financial Supervisory Authority (BaFin), Bonn; Head of the Supervision of Major Banks and Selected Commercial Banks/ Qualitative Supervisory Standards Department

2007 - 2008
Member of the Senior Supervisors Group

2008 - 2011
Member of the Executive Board of the Federal Financial Supervisory Authority (BaFin), Bonn; Chief Executive Director of Banking Supervision

Since 2008
Basel Committee on Banking Supervision (BCBS), Basel

January - May 2011
Management Board of the European Banking Authority (EBA), London

Since 2011-06-01
Deputy President of the Deutsche Bundesbank

Responsible for the Department of Banking an Financial Supervision, Department of Audit
Person accompanying the president at the ECB Governing Council
Member of the Basel Committee on Banking Supervision (BCBS)
Co-chair of the Core Principles Group (CPG of the BCBS)


Via Reuters,

Germany will propose Sabine Lautenschlaeger, a vice president at the German Bundesbank, to take the board seat at the European Central Bank that is being vacated by Joerg Asmussen, according to two sources familiar with the matter.


Asmussen announced on Sunday that he would be returning to Berlin after just two years on the ECB's six-member executive board, to become state secretary in the labour ministry.




Little is known about Lautenschlaeger's views on monetary policy, but she has a solid track record in banking supervision, having worked at German financial supervisor Bafin before joining the Bundesbank in 2011.


She has been among those who have warned about potential conflicts of interest when the ECB has responsibility for both monetary policy and banking supervision, and argued against treating government bonds as risk-free assets in bank books.




In the 15-year history of the ECB, only two women, Finland's Sirkka Hamalainen and Austria's Gertrude Tumpel-Gugerell, have served on the board.


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Tue, 12/17/2013 - 15:02 | Link to Comment ejmoosa
ejmoosa's picture

Imagine if you will, a world where central banks did not cut or raise rates, but local banks did so based on their own levels of supply and demand. 

Instead of waiting for a central bank to determine the direction, thousands of individual banks, all determining rates for their own best interest, and being able to decide instantly when a new direction was needed.

The financial markets would be in much better shape today if that were the case.

But instead we have created concentrated points of failure, such as central banks, that guarantee, we will never again have any individual banks that can show the way and be ahead of the curve.

Welcome to Mediocrity for the foreseeable future,

Tue, 12/17/2013 - 15:33 | Link to Comment Renewable Life
Renewable Life's picture

In our new era of technology and information wonks, TPTB have learned they must place a "token" voice or several voices of dissent at the round table!

Without that, they might be seen as tyrannical or dictorial in nature, hence Santelli on CNBC, Fischer at the FED, this chick at the ECB, Tec Cruz and fellows in the Senate, Ron Paul for Prez, The Tea Party folks in the House, BUT you see, if any of these voices ACTUALLY had the power to stop this machine in its tracks or create any change in direction at all, THEY WOULD REMOVED and new "voices" would be let to emerge!

When these voices start talking in favor of "overthrow" of the system or "breaking up the union" or boycotting the IRS, etc etc........

Then we might start to see some real decent happening, until then.......enjoy the show!

Tue, 12/17/2013 - 15:44 | Link to Comment Chris Jusset
Chris Jusset's picture

I'd like to show Sabine my Lautenschlaeger

Tue, 12/17/2013 - 16:05 | Link to Comment frankTHE COIN
frankTHE COIN's picture

George Castanza's sister.

Tue, 12/17/2013 - 17:03 | Link to Comment macholatte
macholatte's picture


It's interesting to note that she spent 4 years in Chicago, then took her bar exam for the second time and then became a government propaganda officer and then directly into an executive position in banking oversight.  No mention of how she paid the bills before becoming a big shot. Why is it people like her are never a waitress or maid or hold some other low level job for a few years? 

Tue, 12/17/2013 - 16:08 | Link to Comment Fuh Querada
Fuh Querada's picture

Overheard in a bar:
1st guy: Hey, that rather rotund chick from the legal dept. with the pendulous breasts, you still taking her out?
2nd guy: Yes, as a matter of fact we went to the theater last night.
1st guy: Did you fuck her?
2nd guy: Only intellectually.

Tue, 12/17/2013 - 16:58 | Link to Comment slaughterer
slaughterer's picture

I have met her: she is very earnest, and fully integrated in the system.  No threat.  You see tons of women that look and think like her in the German state.  

Tue, 12/17/2013 - 19:48 | Link to Comment Kamehameha
Kamehameha's picture

Tue, 12/17/2013 - 15:11 | Link to Comment 101 years and c...
101 years and counting's picture

if she doesnt have a PhD in money printing from Princeton or Harvard, she isnt worth discussing.

Tue, 12/17/2013 - 15:14 | Link to Comment walküre
walküre's picture

Looks related to Yellen?

According to the resume, she's got plenty dirt on TBTF in Germany. What is she going to do with it if anything is another story.

Tue, 12/17/2013 - 15:31 | Link to Comment BLOTTO
BLOTTO's picture

I wonder if she likes to carpet munch?


Our Premier of Ontario in Canada does...


fLiP eveything on its above, so below...


Tue, 12/17/2013 - 15:44 | Link to Comment walküre
walküre's picture

Should do wonders for the local economy....

At least Barry Bathhouse is just an unconfirmed rumor until he's vacating the WH.

Nothing against anyone's personal sexual preference. Don't want to know what goes on in the bedroom. Just don't shove it down your citizen's throats and create policy to suit your world view. Typically these folk seem to have a one sided world view where their sexuality is a cause for war.

Tue, 12/17/2013 - 15:50 | Link to Comment BLOTTO
BLOTTO's picture



They want to destroy the financials, along with -

religions, families and genders.


They like to attack us, the masses, on all the major fronts.

Tue, 12/17/2013 - 16:00 | Link to Comment walküre
walküre's picture

Wait? Are you talking an all out gay conspiracy to take over the world? Not entirely unthinkable.

The masses are law abiding, tax paying, mass consuming and mass reproducing debt serfs.

Trapped in the system and largely unable to make a move. Even unable to fight back any attacks on their beliefs. Gays are politically either fascists or communists which is consistent with the vanity and narcissism.

Tue, 12/17/2013 - 16:12 | Link to Comment trader1
trader1's picture

did you even read the entire article text?

says she's married to some guy named thomas and has a daughter.

<i know this doesn't negate the possibility she liked, likes, or would like to carpet munch>


is lesbo sex the only thing on your mind anytime you see an older, strapping frau's photo on the internet?  

<hell that looks like a brunette version of my mother-in-law, who is no lesbian>

in any case, why the big fuss about someone's hypothetical sexual preferences?  

and, what does it matter what someone does in their private sexual sphere that poses no harm to fellow mutual participant(s) of legal adult age, you, or any of your loved ones?




don't take this personal. this is just for laughs. no hard feelings ;-)

Tue, 12/17/2013 - 15:16 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

I don't know about you guys, but I'll miss Asmunchen.

Tue, 12/17/2013 - 15:19 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

I wonder why her CV doesn't mention all those appearances in Scheisse videos.

Tue, 12/17/2013 - 15:36 | Link to Comment akak
akak's picture

"CV" here of course being short for "cunt venerial".

Tue, 12/17/2013 - 15:43 | Link to Comment Harbanger
Harbanger's picture

In the hood we call it crusty vaginosis.

Tue, 12/17/2013 - 15:18 | Link to Comment disabledvet
disabledvet's picture

we'll see if "social law" will prevail. "the Force is strong with bailout young Jedi." this all reminds me of the movie the Untouchables..."is someone going to do anything?" the only difference is "you don't get charged with tax evasion either." nor fraud, misappropriation of public funds, graft, money laundering"...although I do see an interesting attempt at a "fraudulent conveyance." why not throw in identity theft due to the "ridiculous nature of it all" and the fact that this whole boondoggle really does require extraordinary acting. ("And the Oscar for greatest supporting role in a melodrama goes to....The Fed!) should make for some interesting outcome based theoretical constructs. while we're on the about the weather?

Tue, 12/17/2013 - 15:21 | Link to Comment AccreditedEYE
AccreditedEYE's picture

Hawk.. funny term. Meant to make you think somebody is going to "be responsible". Or maybe "do the right thing". Don't believe it. You see that action in equities right now? Couple hedge funds just shanked some idiots who were thick enough to actually believe the Fed was going to be "hawkish" and "do the right thing". Sit it out or buy but DO NOT short this market. They are trying to suck you in for the 100th time.

Tue, 12/17/2013 - 15:24 | Link to Comment _ConanTheLibert...
_ConanTheLibertarian_'s picture

I'm sure Joerg got a nice bonus.

Tue, 12/17/2013 - 16:26 | Link to Comment Fuh Querada
Fuh Querada's picture

it was the boners from Draghi

Tue, 12/17/2013 - 15:28 | Link to Comment Iam Yue2
Iam Yue2's picture

Sabine Lautenschläger: The European sovereign debt crisis and its implications for the younger generation;

Tue, 12/17/2013 - 15:50 | Link to Comment walküre
walküre's picture

She's talking 'reforms' as if she had any chance to do what it really takes. Debt cuts, haircuts, wealth and debt destruction.

One man's wealth is many mens debt. The young in Europe are fucked just like the young anywhere in the West. Saddled with the debts and sins of their fathers and grandfathers.

There is no sustainable funding for any of the 20 to 40 year retirement plans previous generations have dreamed up. There never was a path and there never will be. But we can keep on pretending like there was until they're all dead. I think that's what the majority of the boomers are shooting for anyway. All the while posturing and expecting the young to carry the burden with a smile and with loads of gratitude for the turd sandwich the boomers have cooked up for them.

Tue, 12/17/2013 - 16:16 | Link to Comment trader1
trader1's picture

"Debt cuts, haircuts, wealth and debt destruction."


that is what's coming, except there will be wealth redistribution.  


"The young in Europe are fucked just like the young anywhere in the West."


no.  see above.

Tue, 12/17/2013 - 15:41 | Link to Comment Rukeysers Ghost
Rukeysers Ghost's picture

Is she wearing a leather jacket in her profile picture? Nothing more stimulating than a German chick in leather. She should be able to send a submissive shiver through the Frenchman board member Benoit Coeure for sure.

Tue, 12/17/2013 - 15:45 | Link to Comment max2205
max2205's picture

Achtune baby

Tue, 12/17/2013 - 15:45 | Link to Comment El Vaquero
El Vaquero's picture


...but she has a solid track record in banking supervision, having worked at German financial supervisor Bafin before joining the Bundesbank in 2011.

I know, I know, Tyler is just quoting an article, but is there any such thing as a solid track record in banking supervision these days?

Tue, 12/17/2013 - 16:04 | Link to Comment NotApplicable
NotApplicable's picture

I think that's code for "nobody went to jail under her watch."

Tue, 12/17/2013 - 16:17 | Link to Comment trader1
trader1's picture

why so damn cynical? ;-)

Tue, 12/17/2013 - 16:19 | Link to Comment El Vaquero
El Vaquero's picture

Or perhaps she wasn't implicated in some scandle under her watch?

Tue, 12/17/2013 - 15:55 | Link to Comment One And Only
One And Only's picture

Get back in the kitchen and make a sandwich.

Tue, 12/17/2013 - 16:24 | Link to Comment trader1
trader1's picture

that's so lame.  

get some new  material.

Tue, 12/17/2013 - 16:02 | Link to Comment All is chosen
All is chosen's picture

Look at her eyes. What do they tell you?
Vee have seen that look before.
Anyone any good at checking out past lives, just to be sure?

Tue, 12/17/2013 - 16:09 | Link to Comment quasimodo
quasimodo's picture

Ain't no fucking way that broad is only 49. I almost shit myself laughing when I read that number. 

She has been rode hard and put up wet.


Tue, 12/17/2013 - 18:25 | Link to Comment All is chosen
All is chosen's picture

& von day part of you will be stretched by her ... over a lampshade frame

Tue, 12/17/2013 - 16:34 | Link to Comment Bioscale
Bioscale's picture

She is a lawyer. She has got a degree in law in the USA. Since then she has had job in banking. In central banking. Fuck. She is a political cunt, a stupid talking head which serves the masters. She even looks so. This is supposed to be a person whose professional opinion could be valuable? What the fuck

Tue, 12/17/2013 - 18:10 | Link to Comment PontifexMaximus
PontifexMaximus's picture

Do you realy believe, that Mutti is giving full trust to Andrea Nahles? She is The ultimate Nullnummer in zee german Regierung. Mutti knows thwt sns has therefore given her Mr. Asmussen as a babysitter. Nevertheless, Ehre wem Ehre gebührt, she made it, an Mr. Asmussen will give Martin Wolf from the FT some work to do.

Tue, 12/17/2013 - 20:46 | Link to Comment CPL
CPL's picture

Got the feeling that it's going to be short term temp employment.  Much like the majority of hiring practices of the Bundesbank and all of the Central Banks...

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