Ernst Welteke
Ernst Welteke | |
|---|---|
| Born | August 21, 1942 Germany |
| Occupation(s) | Economist, politician |
| Years active | 1974–2004 |
| Known for | President of the Deutsche Bundesbank (1999–2004) |
Ernst Welteke (born 21 August 1942) is a German economist and politician who held the position of president of the Deutsche Bundesbank from September 1999 until his resignation in 2004.
Political career
Welteke was a member of the Landtag of Hesse from 1974 through 1995. Between 1991 and 1994, he acted as State Minister for Economic Affairs under Minister President Hans Eichel, before assuming the role of State Minister of Finance starting in 1994.
President of the Bundesbank, 1999–2004
Appointed by Chancellor Gerhard Schröder’s administration on 12 May 1999, Welteke commenced his presidency at the Bundesbank on 1 September 1999. During his leadership, the Bundesbank conducted investigations into insider trading connected to the September 11 attacks. Welteke indicated that German investigators uncovered "nearly conclusive evidence," implying links to terrorist-related financial gains.
Welteke openly challenged Schröder regarding the divestiture of Germany’s large gold reserves, which were then second only to those held by the United States globally. He suggested establishing a fund to distribute €5 billion generated from gold sales over a five-year span to support education and research initiatives. Schröder, however, contended that this amount was inadequate for broader national fiscal requirements.
As head of the Bundesbank, Welteke received an annual remuneration of €350,000 ($424,000). Controversy arose when it was revealed that during the launch of physical euro currency on December 31, 2001, his accommodation at Berlin’s Hotel Adlon was financed by Dresdner Bank, and in 2003, BMW sponsored his participation in the Monaco Grand Prix yacht event. These matters contributed to his decision to resign in April 2004.
After stepping down, Welteke accused Schröder’s administration of compromising the independence of the Bundesbank. Meanwhile, the opposition Christian Democratic Union claimed that the Finance Ministry leaked information about Welteke’s hotel expenses, allegations which the government rejected.
Corporate boards
- Banco Kwanza Invest, Chairman of the Board (since 2008)
- Quantum Global, Member of Advisory Board
- Fraport, Member of Economic Advisory Group
Non-profit organizations
- Friedrich Ebert Foundation (FES), Member
- Official Monetary and Financial Institutions Forum (OMFIF), Advisory Board Member