President of Germany's Bundesbank Weber speaks during panel discussion at economic leadership congress in Berlin
President of Germany's Bundesbank Axel Weber speaks during a panel discussion at an economic leadership congress organised by the newspaper 'Sueddeutsche Zeitung' in Berlin November 25, 2010. REUTERS

The chief of Germany’s central bank Axel Weber will resign from his job at the end of April, according the German government, following a meeting with German chancellor Angela Merkel.

The government’s statement said Weber is leaving for “personal reasons” and that it will name a successor next week.

Speculation has abounded that the Bundesbank boss disagreed with the European Central Bank’s (ECB) policy of buying government bonds to prop up debt-ridden euro zone economies. Weber also reportedly has no interest in replacing Jean-Claude Trichet ECB’s president, who is scheduled to step down later this year.

Last week, the ECB purchased Portugal’s sovereign bonds after yields rose to record highs, prompting fears about the country’s financial stability.

Weber has told German publication Der Spiegel he will not take another job before next year.

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