March 23, 2018 / 1:33 PM / a month ago

Merkel ally Balz picked for Bundesbank board seat

FRANKFURT, March 23 (Reuters) - Burkhard Balz has been nominated to join the board of Germany’s central bank, replacing Andreas Dombret, the Bundesbank said on Friday.

Balz, a 48-year-old lawyer who worked for several years at Commerzbank, is a member of Chancellor Angela Merkel’s Christian Democratic Union.

He has been a member of the European parliament since 2009, serving as his group’s coordinator for economic and monetary affairs for the past four years.

His appointment has been approved by the Bundesrat, the upper house of parliament, and is now due to be ratified by President Frank-Walter Steinmeier, the Bundesbank said.

Dombret is due to step down on 30 April. (Reporting By Francesco Canepa, editing by Larry King)

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