Jens Weidmann signalled he’s open to succeeding Mario Draghi as president of the European Central Bank, the Bundesbank chief’s strongest hint so far that he wants the job.
"I believe that every member of the Governing Council should have the willingness to contribute to monetary policy also in a different role," the German told Funke Mediengruppe in an interview published Saturday.
Mr Weidmann said that public discussion of who will follow in Mr Draghi’s footsteps at the end of 2019 has started “much too early.” Euro-zone governments are unlikely to decide on a successor this year.
The German, who became Bundesbank president in 2011, has himself stoked talk of the ECB succession race in a series of comments responding to questions about his status as the perceived front runner.
In an interview with the Financial Times published in February, Mr Weidmann - one of the most hawkish central bankers in the 19-nation region - discussed his views on the ECB presidency at length. The newspaper then likened him to the 12th century archbishop of Canterbury Thomas Becket, referring to how an institution can change the convictions of the person who runs it.
Meanwhile, the outgoing Bank of Finland governor Erkki Liikanen said there may be circumstances under which he would consider succeeding Mr Draghi but that he won’t be campaigning for the job.
Asked in an interview on Finland’s YLE TV1 on Saturday whether he is available for the position when it opens in the second half of 2019, Mr Liikanen, 67, said such discussions always begin too early.
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“I’m not going to be campaigning for any task,” he said. “There may be situations where you get asked: ‘will you do your duty?’ And then one must consider.”
Mr Liikanen is stepping down as Bank of Finland governor in July after serving two seven-year terms at the helm of the Helsinki-based central bank. Olli Rehn, deputy governor and former European commissioner for economic and monetary affairs, was appointed his successor on Friday.
Asked whether he has become less hawkish in his monetary policy stance, which might make him a compromise candidate against Mr Weidmann, Mr Liikanen said his stance on price stability is “completely unchanged”.
“When inflation accelerates to more than 2 per cent, which is our target, then I demand raising interest rates,” Mr Liikanen said. “When it remains considerably below that level, we must stimulate. My stance is symmetrical regardless of whether we are above or below our target: we need to be just as decisive.”
Mr Weidmann, who is 50, clearly liked the analogy. He used it just days later in describing incoming ECB vice president Luis de Guindos. The Spaniard’s move directly from the helm of his country’s Economy Ministry has raised eyebrows in Frankfurt and elsewhere because of the implications for ECB political independence.
In his interview with Funke, which will be published in a number of German newspapers as well as Ouest-France, Mr Weidmann also reiterated his call for ending asset purchases soon. Investors predict bond buying won't continue beyond the end of the year and "I consider that thoroughly plausible because the economy in the euro area is doing markedly well and businesses are very much working to capacity."
The ECB’s Governing Council next meets on June 14 to set monetary policy. So far, officials have refrained from discussing their strategy to unwind unprecedented stimulus. With bond purchases scheduled to expire in September and investors turning their attention to when interest rates may begin to rise, pressure is mounting on policy makers to explain the path ahead.
“I consider it prudent to provide clarity soon and announce an end date,” Mr Weidmann said, adding that monetary policy will remain accommodative for a long time even after purchases stop.
“The road back toward normalisation will be a very long one.”
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
