Jürgen Stark, who on Friday said he would quit the European Central Bank’s executive board, is widely-described as the bank’s “chief economist”. This is misleading.
There is no such position at the ECB. It was the title awarded informally by the media to his predecessor, Otmar Issing, who had responsibility for both the research and economics divisions at the ECB – in others words, much of its intellectual firepower. When Mr Stark took over in 2006, the roles were split. Read more