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.
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
Basel Committee on Banking Supervision (BCBS), Basel
January - May 2011
Management Board of the European Banking Authority (EBA), London
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)
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.