DEBT FINANCING. Germany advances Vice Finance Minister to go to the ECB

Marseille, France (Reuters)-Germany proposed Vice Finance Minister Joerg Asmussen to replace Juergen Stark on the Executive Council of the European Central Bank, Finance Minister Wolfgang Schaeuble said on Saturday.
Stark, the upper German at the ECB, announced on Friday he would quit at the beginning of what sources said was a protest against the policy of the ECB of purchasing obligations to help troubled debtor States of the eurozone.
"The German Government has said the Eurogroup head Juncker that proposes Asmussen to succeed Juergen Stark," Schaeuble told a press conference at the Group of eight lectures on the French port of Marseille, with Asmussen standing alongside.
Sources told Reuters on Friday that Asmussen could be called to replace Stark-whose resignation revealed a deep division within the ECB about its activities purchase securities-a choice that seemed set to meet little opposition.
Jean-Claude Juncker, who chairs the Eurogroup of eurozone finance ministers, said Asmussen would be an excellent choice for the Governing Council.
"The euro cannot be saved by a single person, but it would undoubtedly be the right person," Juncker told reporters in Marseille.
Asmussen, who has been a key figure in Germany's policy response to the debt crisis of the euro zone, said he was ready to accept the challenged the guarantee of economic stability in the euro area.
Asked if he had been caught by surprise by the decision of Stark, Schaeuble said: "we were not surprised by his decision. But unfortunately because of the independence of the ECB our attempts to dissuade him have failed. "
G8 Finance officials met a day after the Group of seven finance chiefs in Marseille promised a coordinated response to the global economic recovery is faltering but offered few specifics to calm financial markets unstable.
A respected economist, who studied with former Bundesbank Chief Axel Weber, Asmussen quickly changed in the career of the German Ministry of finance, moving from consultant Jr. in 1996 to Deputy Minister of finance just 12 years later.
Asmussen is a Social Democrat, but was retained by the Conservatives of the German Chancellor, Angela Merkel, after the last federal election due to the experience that he had won in the fight against the financial crisis.
Bert Ruerup, former head of the Council, ' wisemen ' of the German Government's economic advisers said to Reuters Asmussen would be more pragmatic than Stark.
A source for euro-zone central bank, said on Friday that Stark was angry pass when Weber leaves the German central bank earlier this year, also clearly unhappy with the program purchase securities of the ECB.
The ECB has faced strong criticism in Germany for the purchase of bonds--a move that many see as having the tax arena and threatening Bank in its role as the core of the fight against inflation.
(Additional reporting by Robin Emmott; Written by Mike Peacock)

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