Flexible, with philosophy intact
Pity the poor Bundesbanker. The German central bank is staffed by loyal, long-serving officials. They've spent their entire careers in a structured environment where the rules of the game were clear and the way to advancement was marked out.
Now all the rules have changed, and the Bundesbank's staff are being forced to choose between an uncertain future at the European Monetary Institute (EMI) or possible oblivion in their old jobs.
So far, there hasn't been a stampede to join the EMI, despite the higher salaries paid just a mile away on the other side of Frankfurt's Grüneburgpark. One reason is that the Bundesbank is becoming reluctant to provide return tickets valid in 18 months' time, should the official not obtain a new contract from the management of the European Central Bank (ECB). The other reason, say cynics, is that working hours are far longer than...
