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    'No commercial case for green hydrogen' yet: Siemens Energy CEO

    Described by the International Energy Agency as a “versatile energy carrier”, hydrogen has a diverse range of applications.
    While there is excitement about the potential of green hydrogen in some quarters, it’s currently expensive to produce.

    The CEO of Siemens Energy has spoken of the challenges facing the green hydrogen sector, telling CNBC that there was “no commercial case” for it at this moment in time.
    In comments made during a discussion at CNBC’s Sustainable Future Forum on Tuesday, Christian Bruch outlined several areas that would need attention in order for green hydrogen to gain momentum.

    “We need to define boundary conditions which make this technology and these cases commercially viable,” Bruch, who was speaking to CNBC’s Steve Sedgwick, said.
    “And we need an environment, obviously, of cheap electricity and in this regard, abundant renewable energy available to do this.” This was not there yet, he argued.
    Hydrogen can be produced in a number of ways. One method includes using electrolysis, with an electric current splitting water into oxygen and hydrogen.
    If the electricity used in this process comes from a renewable source such as wind or solar then some call it green or renewable hydrogen.

    Read more about clean energy from CNBC Pro

    While there is excitement about the potential of green hydrogen in some quarters, it’s currently expensive to produce. Indeed, National Grid describes grey hydrogen as being the “most common form of hydrogen production” today.

    This grey hydrogen, it says, “is created from natural gas, or methane, using steam methane reformation but without capturing the greenhouse gases made in the process.”
    In his remarks, Bruch also stressed the importance of building up an industry to support the commercialization of green hydrogen.
    Technical systems and an operational knowledge built up over 10 to 15 years were crucial, he explained, noting that this was what one normally saw in the power industry.     
    “This is all still to come to make it … a commercial system,” Bruch said. “So the biggest problem is [that] under the current boundary conditions there is not yet a commercial case for green hydrogen.”
    Another participant in Tuesday’s discussion was Marco Alverà, the CEO of Italian energy infrastructure giant Snam.
    Among other things, he talked about the importance of establishing a framework to encourage the development of more sustainable industry.

    More from CNBC Climate:

    “You need the fine print and the policies to incentivize or make it mandatory: to switch from grey to green, to switch from gas to hydrogen, to switch from coal to hydrogen,” he said. “And then it will happen very fast.”
    Described by the International Energy Agency as a “versatile energy carrier,” hydrogen has a diverse range of applications and can be deployed in sectors such as industry and transport.
    One area that has generated a significant amount of debate in recent years is the use of hydrogen fuel cells in cars.
    “On private cars, or passenger cars, it’s a very, very difficult use case,” Siemens Energy’s Bruch said. “It’s not the use case I would go to first.””I think it’s much more reasonable to talk about hydrogen use either in … heavy duty mobility or in certain industrial applications,” he went on to add.”We talk about green steel or green refining processes, which are much more reasonable, much more CO2 effective, and offer a much more beneficial cost environment to make green hydrogen possible.” More

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    UK doctors call for urgent return of Covid restrictions as experts monitor new mutation

    U.K. medical professionals have issued an urgent plea to the British government to reimpose Covid restrictions.
    The call comes amid a high level of infections in the country and as hospitals are seeing an influx of Covid patients.
    Health leaders warned on Tuesday that the U.K. risks “stumbling into a winter crisis.”
    Making matters worse, U.K. experts are watching a new mutation of the virus closely.

    Firefighter Dan Joslin wearing a face shield helps prone a Covid-19 patient as he works alongside critical care nurses in the Intensive Care Unit at Queen Alexandra Hospital in Portsmouth, southern England.
    ADRIAN DENNIS | AFP | Getty Images

    LONDON — U.K. medical professionals have issued an urgent plea to the British government to reimpose some Covid restrictions due to the increased level of infections and hospitalizations in the country.
    Health leaders warned late Tuesday that the U.K. risks “stumbling into a winter crisis” if the government does not enact its “Plan B,” a pledge it made last month in which it said it would reimpose Covid measures if data suggested the National Health Service was “likely to come under unsustainable pressure.”

    Officials at the NHS Confederation, which represents organizations across the U.K. healthcare sector, issued a statement calling on the government “to introduce measures, such as mandatory face coverings in crowded and enclosed spaces, without delay to keep people well and avoid the NHS from becoming overwhelmed this winter.”
    They warned that the National Health Service “is seeing worrying increases in coronavirus cases in its hospitals and the community at a time when it is preparing for a busy winter period, its staff are close to burnout, and it is being expected to recover many of its services that were disrupted by the pandemic.”
    The U.K. is currently recording between 40,000 and 50,000 new Covid cases a day and the number of hospitalizations and deaths is steadily rising, although at a much lower pace than earlier in the pandemic thanks to Covid vaccines, which greatly reduce the risk of severe infection, hospitalization and death.
    On Tuesday, the U.K. reported 43,738 new Covid cases, a decrease from Monday when 49,156 new cases were recorded, which marked the highest daily number in three months.

    Situation ‘will only get worse’

    Covid restrictions in England were lifted on July 19 when pubs, restaurants and nightclubs reopened. Mask-wearing also became largely a matter of personal choice apart from on public transport.
    The government, under Prime Minister Boris Johnson, has previously insisted that Covid restrictions, and potential lockdowns, would only return as a last resort and that the country must “learn to live with the virus.”
    On Wednesday, the U.K.’s Business Secretary Kwasi Kwarteng reiterated that position, saying: “I absolutely think that it would be completely wrong for us to go back into a lockdown,” he told Times Radio.
    Noting that hospitalizations and death rates were much lower than in previous peaks of the pandemic, he added that “we are learning, I think, to live with the virus.”

    The NHS Confederation on Tuesday said the additional measures that the U.K. could now enact included “clear communications to the public that the level of risk has increased, introducing certificates for people’s Covid vaccine status, and legally mandating people to wear face coverings in certain settings, in addition to considering asking people to work from home if they can.”
    Many of these measures, particularly around mask-wearing and Covid certification, “are already common in parts of Europe where the prevalence of the disease is lower,” the NHS Confederation noted.

    Speaking on Wednesday morning, Matthew Taylor, chief executive of the confederation, warned that the NHS, a much-loved institution in the U.K. and even more so during the pandemic, was “right on the edge” with the number of Covid patients seen to be rising in hospitals.
    “I talk to health leaders every day, and I have literally not spoken to any leader who doesn’t say that their service is under intense pressure now. This is the middle of October. Things are only going to get worse,” he told BBC Radio.
    “The health service is right at the edge … if you push much further we will not be able to provide the level of service that people need to have.”

    New mutation

    Making matters worse, potentially, is a new mutation of the delta variant that British experts are watching closely.
    Last Friday, the U.K.’s Health Security Agency issued a report in which it said “a delta sublineage newly designated as AY.4.2 is noted to be expanding in England” and that it was monitoring the subtype.
    The highly infectious delta variant is the dominant version of the coronavirus worldwide, having usurped the previous “alpha” variant of the virus, that was first discovered in the U.K.
    This new descendent of the delta Covid variant, AY.4.2, has being identified in an increasing number of U.K. Covid cases, with some suggesting it might be another possible factor in rising case numbers, although it is too early to tell for sure.
    “This sublineage is currently increasing in frequency. It includes spike mutations A222V and Y145H. In the week beginning 27 September 2021 (the last week with complete sequencing data), this sublineage accounted for approximately 6% of all sequences generated, on an increasing trajectory. This estimate may be imprecise … Further assessment is underway,” the U.K. Health Security Agency noted.

    The prime minister’s official spokesman told Sky News on Tuesday that “[AY.4.2] is something we’re keeping a very close eye on” and that there’s currently no evidence to suggest that this variant is more easily spread. “There’s no evidence for that, but as you would expect, we’re monitoring it closely and won’t hesitate to take action if necessary,” he said.
    Former U.S. Food and Drug Administration commissioner Scott Gottlieb also tweeted about the subtype at the weekend.
    “U.K. reported its biggest one-day Covid case increase in 3 months just as the new delta variant AY.4 with the S:Y145H mutation in the spike reaches 8% of UK sequenced cases,” Gottlieb said. “We need urgent research to figure out if this delta plus is more transmissible, has partial immune evasion?”

    Professor of immunology at Imperial College London, Danny Altmann, told CNBC Monday that the subtype “needs to be monitored and, so far as possible, carefully controlled.”
    “Because delta has now been the dominant mutant in several regions for some six months and not been displaced by any other variants, the hope has been that delta perhaps represented [the] peak mutation performance achievable by the virus. AY.4 may be starting to raise doubts about this assertion,” he warned.

    Why is the UK in this mess?

    Experts say there are a variety of reasons for the U.K.’s steep Covid numbers — ranging from the half-hearted mask adoption (even when masks are required, such as on public transport, the rule is rarely enforced) to large indoor gatherings that have allowed the virus to spread.
    The U.K.’s hesitation in vaccinating younger teenagers, something that other countries in Europe and the U.S. did much earlier, and the return to schools in September, have also been cited as reasons for the sharp rise in cases. Although the boom in infections among 0-18 year olds is now ebbing as infections rise in their parents’ generation, data shows.
    Ironically, the U.K.’s early vaccination rollout — which began in December 2020 and was one of the first in the world — is also seen as contributing to its high case rate now because we know — due to an increasing body of data — that immunity in vaccinated people wanes after about six months. To date, 78.9% of the U.K. population over the age of 12 is fully vaccinated, official data shows.

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    Singapore extends Covid restrictions as cases remain high

    Covid restrictions in Singapore have been extended for four more weeks, authorities announced Wednesday after new daily cases hit a record high of 3,994 on Tuesday.
    The curbs, which include limiting group sizes for social gatherings and making work from home the default, will now be in place until Nov. 21, with a review due at the two-week mark.
    Singapore has tightened and loosened restrictions several times this year, easing them in response to the number of Covid cases.

    People inside a shopping mall in Singapore on May 15, 2021, ahead of tightening restrictions over concerns of a rise in Covid-19 coronavirus cases.
    Roslan Rahman | AFP | Getty Images

    SINGAPORE — Covid restrictions in Singapore have been extended for four more weeks, authorities announced Wednesday after new daily cases hit a record high of 3,994 on Tuesday.
    The curbs, which include limiting group sizes for social gatherings and making work from home the default, will now be in place until Nov. 21, with a review due at the two-week mark.

    “At the current situation, we face considerable risk of the health-care system being overwhelmed,” Finance Minister Lawrence Wong said during a press briefing on Wednesday.
    Those measures were meant to take effect from Sept. 27 to Oct. 24, and health authorities said they would review the restrictions again based on the Covid situation.
    Singapore has tightened and loosened restrictions several times this year, easing them in response to the number of Covid cases. The government has said repeatedly that it wants to ensure the health-care system is not overwhelmed.
    At the same press briefing, Health Minister Ong Ye Kung said the record number of cases is likely to be a post-weekend spike.
    On Tuesday, the health ministry said local hospitals were under “significant pressure and strain” as the number of patients in the intensive care unit rose to 71, according to official data released.

    Of 1,650 isolation beds in public hospitals, 89% have been filled, a press release from the health ministry said. Around 67% of ICU beds are occupied, though a number of patients were admitted for monitoring purposes, the release said.
    “If need be, we will open up more ICU beds,” Ong said. “The next leap will be to 300 beds, but that will be at the expense of further degradation of normal service and normal medical care.”
    Health authorities also encouraged people to limit their social activities and said Tuesday that more people visited malls or took public transport in the past week.
    The number of unvaccinated seniors being infected increased to around 100 a day, the health ministry said, noting that this group was particularly vulnerable and at risk of falling very sick.
    A total of 1,738 cases are in hospital as of Tuesday, with 338 people requiring oxygen supplementation, official data showed. The vast majority of cases in the last 28 days had either no symptoms or mild symptoms.
    Since the start of the pandemic, Singapore has reported 154,725 cases, and around 84% of its population has been vaccinated. Some 246 people have died from Covid-19 in the Southeast Asian country of about 5.45 million people.

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    Watch CNBC’s Sustainable Future Forum: Industry Response

    [The stream is slated to start at 6:30 a.m. ET. Please refresh the page if you do not see a player above at that time.]
    Click on the stream above to watch to CNBC’s Sustainable Future Forum. Wednesday’s session from Europe focuses on the industry’s response.

    It’s time to talk targets and check the promises that companies set. Are the goals achievable and what should happen if they’re missed?
    As we race toward a Sustainable Future, it’s vital that we meet the needs of different industries. From the big tech giants to the specific sectors such as agriculture and fashion. All industry has part to play but will some step up faster than others?
    The lineup for Wednesday’s sessions are below, and click here for the full schedule of the week.

    Fireside: A sustainable future for aviation6:30 p.m. SGT/HK | 11:30 a.m. BST
    Michael O’Leary, CEO of RyanAir.
    Until electric or hydrogen-powered planes become a viable alternative, could alternative fuels or more efficient aircraft hold the key to reducing the aviation industry’s carbon emissions? Michael O’Leary, the CEO of Ryanair, joins us to talk about his vision of flying in a more sustainable way.
    Add to calendar

    Panel: How big business can become more sustainable6:45 p.m. SGT/HK | 11:45 a.m. BST
    Mario Greco, CEO of Zurich Insurance, Dolf van den Brink, CEO of Heineken, and Carolan Lennon, CEO of Eir.
    From net-zero targets to carbon tax and even linking executives’ pay to action on climate change, each sector is looking at different ways to become more sustainable. Joining us to share their insights on what it means for industry to become greener are Mario Greco, the CEO of Zurich Insurance, Carolan Lennon the CEO of Eir and Dolf van den Brink, who’s the CEO of Heineken.
    Add to calendar

    Fireside: Driving Nissan to a greener future7:15 p.m. SGT/HK | 12:15 p.m. BST
    Makoto Uchida, CEO of Nissan.
    The auto industry is undergoing a seismic transformation as it responds to demands to reduce CO2 emissions and a dependency on fossil fuels. Nissan has announced it will electrify all of its new models in key markets by the early 2030s. CEO Makoto Uchida joins us to discuss how the automaker is fulfilling its sustainability goals, what investments they are making in electrification and recycling and what the wider industry response has been.
    Add to calendar

    Fireside: Is the tide turning for sustainable fashion?7:30 p.m. SGT/HK | 12:30 p.m. BST 
    Livia Firth, founder and creative director of Eco-Age.
    Acclaimed sustainability activist Livia Firth has long been critical of the fashion industry’s greenwashing. She will be joining us to talk about whether the pandemic has caused a rethink into how we dress, whether circular fashion is more than a marketing tool and the launch of her new Renaissance Awards to honor young leaders in sustainability.
    Add to calendar

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    Watch CNBC’s Sustainable Future Forum Asia: Industry Response

    CNBC’s Sustainable Future Forum Asia on Wednesday focused on the industry’s response.
    It’s time to talk targets and check the promises that companies set. Are the goals achievable and what should happen if they’re missed?

    As we race toward a Sustainable Future, it’s vital that we meet the needs of different industries. From the big tech giants to the specific sectors such as agriculture and fashion. All industry has part to play but will some step up faster than others?
    The lineup for Wednesday’s sessions are below, and click here for the full schedule of the week.

    Fireside: Protecting the world’s precious water resources2 p.m. SGT/HK | 7 a.m. BST
    Takeshi Niinami, CEO of Suntory Holdings.
    For Suntory Holdings, one of the world’s leading producers of whisky and other beverages, the supply of water is vital to business. Takeshi Niinami, the company’s CEO, joins us to talk about protecting the world’s precious water resources and setting ambitious goals to reduce carbon emissions.
    Add to calendar

    Fireside: The diversity dividend2:15 p.m. SGT/HK | 7:15 a.m. BST
    Suneeta Reddy, managing director of Apollo Hospitals. 
    As managing director of Apollo Hospitals Group, Suneeta Reddy is one of the biggest names in India’s health care sector, and a trailblazer for business women across the world. She’ll join us to talk about how diversity on the Apollo board has driven growth, how to encourage greater gender parity in leadership and how Apollo Hospitals is incorporating ESG into its long-term strategy.
    Add to calendar

    Fireside: A sustainable future for aviation6:30 p.m. SGT/HK | 11:30 a.m. BST
    Michael O’Leary, CEO of RyanAir.
    Until electric or hydrogen-powered planes become a viable alternative, could alternative fuels or more efficient aircraft hold the key to reducing the aviation industry’s carbon emissions? Michael O’Leary, the CEO of Ryanair, joins us to talk about his vision of flying in a more sustainable way.
    Add to calendar

    Panel: How big business can become more sustainable6:45 p.m. SGT/HK | 11:45 a.m. BST
    Mario Greco, CEO of Zurich Insurance, Dolf van den Brink, CEO of Heineken, and Carolan Lennon, CEO of Eir.
    From net-zero targets to carbon tax and even linking executives’ pay to action on climate change, each sector is looking at different ways to become more sustainable. Joining us to share their insights on what it means for industry to become greener are Mario Greco, the CEO of Zurich Insurance, Carolan Lennon the CEO of Eir and Dolf van den Brink, who’s the CEO of Heineken.
    Add to calendar

    Fireside: Driving Nissan to a greener future7:15 p.m. SGT/HK | 12:15 p.m. BST
    Makoto Uchida, CEO of Nissan.
    The auto industry is undergoing a seismic transformation as it responds to demands to reduce CO2 emissions and a dependency on fossil fuels. Nissan has announced it will electrify all of its new models in key markets by the early 2030s. CEO Makoto Uchida joins us to discuss how the automaker is fulfilling its sustainability goals, what investments they are making in electrification and recycling and what the wider industry response has been.
    Add to calendar

    Fireside: Is the tide turning for sustainable fashion?7:30 p.m. SGT/HK | 12:30 p.m. BST 
    Livia Firth, founder and creative director of Eco-Age.
    Acclaimed sustainability activist Livia Firth has long been critical of the fashion industry’s greenwashing. She will be joining us to talk about whether the pandemic has caused a rethink into how we dress, whether circular fashion is more than a marketing tool and the launch of her new Renaissance Awards to honor young leaders in sustainability.
    Add to calendar

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    Panic ordering by retailers is making the supply chain crisis 'even worse'

    Supply chains everywhere have been hit by massive disruptions this year, from container shortages to floods and Covid infections setting off port closures.
    “Suddenly retailers and manufacturers are overordering because of these supply chain issues, and that’s just leading to essentially an even worse scenario,” Jonathan Savoir, CEO of supply chain technology firm Quincus told CNBC’s “Squawk Box Asia” on Monday.
    The energy crises in mainland China and Europe are the latest to roil the shipping industry.

    Shipping containers in the Port of Los Angeles in Los Angeles, California, U.S., on Wednesday, Oct. 13, 2021.
    Kyle Grillot | Bloomberg | Getty Images

    Retailers and manufacturers are overordering or placing orders too early amid panic over the massive supply chain crisis, and that’s making things much worse, those in the industry told CNBC.
    “Suddenly, retailers and manufacturers are overordering because of these supply chain issues, and that’s just leading to essentially an even worse scenario,” Jonathan Savoir, CEO of supply chain technology firm Quincus told CNBC’s “Squawk Box Asia” on Monday.

    Supply chains everywhere have been hit by massive disruptions this year, from container shortages to floods and Covid infections setting off port closures.
    That’s gotten worse because demand is rocketing, as economies reopen after the worst of the pandemic.

    The energy crises in mainland China and Europe are the latest to roil the shipping industry.
    China’s power crunch caused widespread disruptions as local authorities ordered power cuts at many factories. Europe is also grappling with a massive gas shortage.
    However, Savoir said the situation of retailers overstocking is causing a bigger crunch on capacity, and leading to what he called a “bullwhip effect.” That’s a term describing how small changes in demand at the retail level can progressively cause larger movements in demand to impact wholesalers, distributors and manufacturers. The supplier of raw materials will feel the biggest impact.

    Because the problems are well known, orders for raw materials, component parts, and finished goods are now being placed earlier than normal, which is lengthening the queue, creating a vicious cycle.

    RBC Wealth Management

    The end result of this effect could include distorted demand forecasts and unfulfilled orders.
    RBC Wealth Management also flagged a similar issue in an Oct. 15 note.
    “Because the problems are well known, orders for raw materials, component parts, and finished goods are now being placed earlier than normal, which is lengthening the queue, creating a vicious cycle,” the firm said in the note.

    As the holiday season approaches, those in the supply chain industry have warned that there’s likely to be a shortage of goods, or prices will rocket due to high demand and low supply.
    The supply chain crisis is expected to hit growth worldwide, with the International Monetary Fund cutting its global growth forecast last week. It cited supply chain disruptions in advanced economies as one of the factors.
    “The bottlenecks are unlikely to disappear overnight,” RBC Wealth Management wrote.
    The firm’s data analytics team, RBC Elements, conducted a study in September which found that 77% of the major ports it monitored were experiencing “abnormally long” turnaround times, and that this overall global supply chain problem was trending “unequivocally worse.”

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    How rising UK Covid cases could be ‘a compelling argument for boosters’

    The United Kingdom is recording close to 50,000 new Covid cases a day — giving it one of the worst daily infection rates in the world.
    “What’s happening is … this real world experiment where the efficacy of AstraZeneca is decreasing, and they haven’t rolled out their boosters,” said Dr. Kavita Patel, a former White House health policy director.
    “It’s an argument for boosters, and a pretty compelling one,” Patel said.

    Former Obama White House policy director Dr. Kavita Patel explained why the surging number of Covid cases in the United Kingdom could be a compelling argument for booster shots. 
    “What’s happening is … this real world experiment where the efficacy of AstraZeneca is decreasing, and they haven’t rolled out their boosters,” Patel said during a Tuesday evening interview on CNBC’s “The News with Shepard Smith.” “It’s an argument for boosters, and a pretty compelling one.” 

    The U.K.’s early vaccination rollout began in December 2020 and was one of the first in the world. Now, however, it is seen as contributing to its high case rate, due to an increasing body of data that shows immunity in vaccinated people wanes after about six months. 
    The spread of the much more infectious delta Covid variant in the spring and summer is also seen as a factor that has diminished vaccine efficacy.
    In September the U.K. began rolling out booster shots to the over-50s, medical staff and anyone with underlying health conditions. Those who received their second dose at least six months ago are being asked to come forward first. Currently around 6.5 million people in England are eligible for a booster, with the NHS so far having administered around 3.6 million booster shots, data shows.
    Patel told host Shepard Smith that she’s also been keeping an eye on the Covid strain that’s potentially contributing to the U.K. having one of the worst daily infection rates in the world.
    “We’re watching, kind of, a sub-lineage of the delta strain, something very specific that is growing in percentage in the U.K … there is a potential that it is more transmissible than delta, which makes it easier to be even more infectious than delta,” said Patel. 

    In the United States, the New York Times reported that the Food and Drug Administration is expected to clear Johnson & Johnson and Moderna boosters and allow mix-and-match shots this week. 

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    Jens Weidmann steps down from the Bundesbank

    IN 2012 Mario Draghi, then head of the European Central Bank (ECB), vowed to do “whatever it takes” to keep Europe’s single currency together. His biggest foe in this endeavour was not the bond vigilantes sending yields spiralling in Greece and Italy—they were soon cowed—but a sceptical colleague. Jens Weidmann, who as head of the Bundesbank was one of the strongest voices on the ECB’s governing council (where central-bank governors from euro-zone members sit), responded to Mr Draghi’s gambit with a homily on the dangers of money-printing drawn from Goethe’s Faust. He threatened to resign.Nine years later, he has done so. On October 20th, just two years into his second eight-year term as Bundesbank president, Mr Weidmann unexpectedly announced that he would step down at the end of the year. His departing statement, which warned about the side-effects of loose monetary policy, hinted at his unhappiness about the ECB’s bond-buying. Mr Weidmann has long feared that the bank’s activism underplayed inflationary risks and eased pressure on indebted southern European countries to reform.Such positions often left Mr Weidmann in a hawkish minority. He had hoped to take over from Mr Draghi in 2019, but the EU’s leaders gave the job to Christine Lagarde, a former French finance minister. Mr Weidmann’s unease extended to the ECB’s decision later that year to restart quantitative easing. But he later backed the results of the bank’s strategy review, as well as a €1.85trn ($2.15trn) bond-buying programme set up at the start of the pandemic, and Ms Lagarde’s growing focus on climate change. Sharp, well-briefed and courteous, Mr Weidmann found favour even among his doveish colleagues.Mr Weidmann’s replacement at the Bundesbank will take over at a crucial moment. In December the ECB may confirm that its pandemic purchase scheme will expire in March. But the council is undecided on how much flexibility and firepower to grant an older bond-buying scheme in its place. Beyond that lie deeper divisions over how to interpret inflation, now running at 3.4% in the euro area. Rate rises are not imminent, but unease is growing—especially in Germany, where energy-price spikes are helping drive inflation towards 5%.Germans who valued Mr Weidmann’s leanings lamented his decision. Others say his reluctance to defend the ECB’s policies to a sceptical German public sapped their potency. “A new head of the Bundesbank willing to take on Germany’s conservative consensus would help give the ECB cover in the critical months ahead,” says Christian Odendahl of the Centre for European Reform, a think-tank in Berlin.Mr Weidmann delayed announcing his decision until after Germany’s election in September. Appointing his replacement will fall to the next government. Possible names include Isabel Schnabel, a member of the ECB’s board; and Claudia Buch, Mr Weidmann’s deputy. The resignation injects an extra degree of complexity into the coalition talks just beginning in Berlin. More