The chief economist and member of the executive board of the European Central Bank (ECB), Jürgen Stark, resigned due to his disagreement with the controversial program of purchasing government bonds of the eurozone member countries. The ECB confirmed that Stark will be the second German to leave the bank this year, since in February the same was done by the first man of the Bundesbank, Axel Weber, also because of his opposition to the bond buying program. The bank announced that Stark resigned for personal reasons, but two sources confirmed that the move was connected to the bond buying program that in recent months prevented the debt crisis from affecting Italy and Greece, and as a result the value of the euro fell and action on European stock markets. Stark's departure will represent a heavy blow for the ECB, whose experienced president Jean-Claude Trichet is retiring at the end of October, and will be replaced by the Governor of the Central Bank of Italy, Mario Draghi.
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