Bundesbank vice president gets ready to head ECB supervisory board
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Claudia Buch, vice president of Germany's Bundesbank, will become the top banking supervisor in the eurozone on January 1.
She will head up the Single Supervisory Mechanism at the European Central Bank (ECB). The framework was set up in 2014 after a review of the 2008 banking and financial crisis.
Buch will directly supervise 109 banks in the eurozone, which account for 82% of the banking market in the single currency area. The aim is to ensure greater stability in the financial system with standardized rules for the largest financial institutions in the eurozone.
She wants to help ensure that "the banking sector remains resilient and serves the citizens of Europe," Buch said after her appointment.
Buch will succeed Italian Andrea Enria, who has been in charge of ECB banking supervision since 2019.
The term of office is limited to five years and cannot be extended.
Prior to her appointment to the Bundesbank's executive board in 2014, Buch was head of the Halle Institute for Economic Research (IWH) and served for many years as an economic expert on the German government's advisory committee.
The economist, born in Paderborn, was also responsible for financial supervision at the Bundesbank.
