Bundesbank coerced into sacking Sarrazin

Controversial author Thilo Sarrazin is being forced to resign his post at Germany's federal bank, with the Bundesbank board naming a lack of political moderation as the reason. The liberal daily Financial Times Deutschland writes that although the Bundesbank's decision to part with its besieged board member is absolutely correct, it has been left looking like a puppet in the hands of German politics: "The Bundesbank is a myth. It is supposed to be independent and incorruptible and dedicated solely to the goal of price stability. Yet in these past torturously long weeks its president seemed anything but independent. This was above all down to the politicians who clamoured for Sarrazin to be ousted but at the same time acted as if they had nothing to do with the whole affair. Following the good advice of the German chancellor, the opposition and even the German President, [the president of the Bundesbank] Weber seemed passive and submissive. The decision the board has reached now barely changes this. The once so proud Bundesbank comes across like a puppet on the strings of politicians. ... If Germany's politicians can learn something from the Sarrazin affair it's that the areas of responsibility need to be clearly defined. If they want an independent Bundesbank then they should allow it to follow its own staffing policies."

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