COLOGNE, Germany, April 20 (UPI) -- Axel Weber, one of Germany's five "wise men" who advise the government on major economic issues, has been nominated president of the Bundesbank.
Federal Chancellor Gerhard Schroeder and Finance Minister Hans Eichel have agreed on the appointment of Weber, an economics professor at Cologne University, the BBC reported Tuesday.
After the Cabinet considers the nomination, the Bundesbank's directorate will consider the candidate. Then German president appoints the new central bank chief.
Weber replaces Ernst Welteke, who resigned after it became public that he and his family accepted a more than $9,000 stay at Berlin's top Adlon Hotel, which had been reportedly paid for by the Dresdner Bank.
The Dresdner Bank, a commercial bank, is regulated by the Bundesbank, which could be considered a potential conflict of interest for Welteke.