ECB's Stark Announces Resignation from Executive Board
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Earlier, the European Central Bank's Juergen Stark announced his resignation from the Executive Board, a move sources are saying was in protest to the Bank's recent round of bond buying in the Spanish and Italian markets.
Stark, formerly the ECB's chief economist, was the second German member of the ECB to leave following the bond purchases.
Stark told ECB head Jean-Claude Trichet he was leaving for "personal reasons."
Whatever the case, most market players and economists are pointing at the level of dissension and uncertainty which is now swirling around Europe's central bank.
Stark will remain in his current position until a successor is named, likely at the end of 2011.
The Stark resignation news is adding to market volatility Friday. Currently the Dow Jones Industrial Average is down over 300 points.
Stark, formerly the ECB's chief economist, was the second German member of the ECB to leave following the bond purchases.
Stark told ECB head Jean-Claude Trichet he was leaving for "personal reasons."
Whatever the case, most market players and economists are pointing at the level of dissension and uncertainty which is now swirling around Europe's central bank.
Stark will remain in his current position until a successor is named, likely at the end of 2011.
The Stark resignation news is adding to market volatility Friday. Currently the Dow Jones Industrial Average is down over 300 points.
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