Lutz Lienenkämper did not realize his childhood career aspirations. The 54-year-old neither worked as an excavator driver nor as a police officer. Instead, the lawyer made a career in the state politics of North Rhine-Westphalia alongside his work as an attorney – and soon within the Bundesbank. The native of Cologne is expected to join the Bundesbank board as the successor to Johannes Beermann, who left the central bank over a year ago.

Last Friday, the Bundesrat approved the proposal of the state government in North Rhine-Westphalia. The Bundesbank board had already given the green light for the future colleague. Now, Federal President Frank-Walter Steinmeier can appoint Lienenkämper, completing the personnel matter. The Bundesrat's proposal envisages Lienenkämper being appointed for eight years.

It remains uncertain when precisely Lienenkämper will commence his duties. Neither is it clear which topics – such as the legal area – will fall under his responsibility. Presumably, this will also depend on who will fill the two other vacant positions on the board. The state government of Hesse and the federal government each have the right to make a proposal for these positions.

Lienenkämper has gained considerable experience in the field of finance. Not least during his time as Finance Minister of North Rhine-Westphalia from 2017 to 2022. The current black-green state government, which nominated the Christian Democrat, emphasizes that Lienenkämper, as Finance Minister, managed to present a budget proposal that did not require new borrowing for the first time in almost 50 years. Additionally, he coordinated and represented the interests of the federal states in budget, financial, and tax policy matters vis-à-vis the federal government as chairman of the Finance Committee of the Bundesrat and as chairman of the Finance Ministers' Conference. He also serves in various capacities for the NRW Bank and KfW.

As the parliamentary managing director of the CDU in North Rhine-Westphalia from 2012 to 2017, Lienenkämper also gained experience in administrative tasks. However, there is a lack of involvement in monetary policy in his resume. Currently, the former NRW Minister for Building and Transport sits on the Committee on Europe and International Affairs of the State Parliament. Among other goals, this committee aims to intensify cooperation between North Rhine-Westphalia and the Benelux countries.

Lienenkämper's commitment to fostering strong collaboration at the European level will align him with his future board colleagues. It's not just Bundesbank President Joachim Nagel who consistently advocates for a robust and unified Europe.

Alongside Burkhard Balz, Lienenkämper will be the second Christian Democrat on the Bundesbank board, while Nagel and Sabine Mauderer are close to the SPD. Since party affiliation does play a role in the nominations, there is speculation that the candidate proposed by the federal government, for which the Ministry of Finance is responsible, could belong to the FDP. The name frequently mentioned for Hesse's nomination is Michael Meister, a former Parliamentary State Secretary in the Federal Ministry of Finance.