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ECB's new top supervisor Buch is prepared to be tough

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The European Central Bank's new chief supervisor, Claudia Buch, is a German central banker and scholar whose mild manner belies a willingness to take tough decisions, former colleagues say. Buch, 57, started her career as an academic economist in the fields of financial markets and banking in the 1990s before becoming a key advisor to the German government under chancellor Angela Merkel in 2012. That paved the way for her appointment two years later as vice-president of the German central bank, where she was responsible for financial stability before taking over bank supervision earlier this year.

FILE PHOTO: European Central Bank headquarters in Frankfurt

That paved the way for her appointment two years later as vice-president of the German central bank, where she was responsible for financial stability before taking over bank supervision earlier this year. Several people who have worked with Buch during her time at the Bundesbank commend her polite and friendly demeanour - but say she did not worry about making unpopular decisions.

But Buch showed some grit as a guardian of financial stability, central bank jargon for fighting financial bubbles, batting back calls from the construction sector this year to lower some capital requirements to support lending hit by surging interest rates. She pledged to expand the Bundesbank's format for public dialogue, which would mark an innovation for the relatively closed world of banking supervision.

 

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