Theo Waigel facts for kids
Quick facts for kids
Theo Waigel
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Waigel in 2019
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| Leader of the Christian Social Union | |
| In office 16 November 1988 – 16 January 1999 |
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| Preceded by | Franz Josef Strauß |
| Succeeded by | Edmund Stoiber |
| Federal Minister of Finance | |
| In office 21 April 1989 – 27 October 1998 |
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| Chancellor | Helmut Kohl |
| Preceded by | Gerhard Stoltenberg |
| Succeeded by | Oskar Lafontaine |
| Bundestag First Deputy Leader of the CDU/CSU Group | |
| In office 4 November 1982 – 16 November 1988 |
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| Leader | Alfred Dregger Wolfgang Schäuble |
| Preceded by | Friedrich Zimmermann |
| Succeeded by | Wolfgang Bötsch |
| Member of the Bundestag for Neu-Ulm |
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| In office 3 October 1976 – 17 October 2002 |
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| Preceded by | Leo Wagner |
| Succeeded by | Georg Nüßlein |
| Personal details | |
| Born |
Theodor Waigel
22 April 1939 Ursberg, Bavaria, Deutsches Reich |
| Political party | Christian Social Union (CSU) |
| Alma mater | University of Würzburg |
| Profession | Lawyer |
Theodor Waigel (born 22 April 1939) is a German politician. He was a member of the Bundestag (Germany's parliament) from 1976 to 2002. He belongs to the Christian Social Union in Bavaria (CSU) political party.
Waigel is a trained lawyer and earned a special degree called a doctorate in 1967. He served as the Federal Minister of Finance for Germany from 1989 to 1998. This was during the time Helmut Kohl was Chancellor. He was also the leader of the Christian Social Union in Bavaria from 1988 to 1999. Theo Waigel is often called the "father of the Euro" because he played a very important part in creating Europe's common currency. He helped Germany manage its money during a big time of change. In 2009, he was made Honorary Chairman of the CSU.
Contents
Early Life and Education
Theo Waigel was born on April 22, 1939, in a small village called Oberrohr in Bavaria, Germany. His father was a farmer. When Waigel was six years old, his older brother, August, died in France during World War II.
Time in the Bundestag
Waigel first became a member of the Bundestag in 1972, representing the area of Neu-Ulm. From 1980 to 1982, he was the spokesperson for economic matters for the CDU/CSU group in parliament. He then became the group's deputy chairman from 1982 until 1989. During this time, he also led the group of CSU members in the Bundestag.
Federal Minister of Finance
In 1989, Chancellor Helmut Kohl chose Waigel to be the new Federal Minister of Finance. He took over from Gerhard Stoltenberg. Waigel held this important job until 1998.
German Reunification Efforts
During his time as Finance Minister, Waigel was in charge of the money side of German reunification. This was when East and West Germany became one country again after the fall of Communism. He had to introduce new taxes for the German people. He also had to make sure the country's budget did not get too big. Germany was spending a lot of money to rebuild the eastern part of the country.
In March 1990, Waigel announced a plan for how East German money would be exchanged for West German money. Many East Germans protested this plan. On May 19, 1990, Waigel and his East German partner signed a treaty. This treaty made the West German currency the only legal money in both parts of Germany starting July 2, 1990.
In July 1990, Waigel traveled to Moscow with Chancellor Kohl. They met with Soviet President Mikhail S. Gorbachev. They worked to convince him to allow a united Germany to be part of NATO.
In August 1990, Waigel announced that West Germany's 1990 budget would be its last. He then started working on a budget for all of Germany. He said that the government would need to borrow a lot of money to pay for unification. The government's budget deficit grew a lot between 1989 and 1991.
In 1991, Waigel helped create a plan for new taxes. These taxes, including a special charge on income, helped pay for reunification. They also helped pay for Germany's support during the Gulf War and aid to countries in Eastern Europe.
Waigel also argued that Germany could not afford to build a new capital city in Berlin. He believed the country already had many financial responsibilities.
International Money Matters
Soon after becoming Finance Minister, Waigel worked with other G7 countries. The G7 is a group of the world's leading industrial nations. They discussed how countries would rank in the International Monetary Fund (IMF). Japan and West Germany ended up sharing the second-highest rank. In 1991, Waigel pushed for the Soviet Union to have a role in the IMF.
In 1991, Waigel became the first chairman of the European Bank for Reconstruction and Development (EBRD). This bank helps countries in Eastern Europe develop their economies.
Creating the Euro Currency
Under the leadership of Chancellor Kohl and Waigel, creating a common currency was a main goal for Europe. This was important for political and economic unity.
In the early 1990s, some people tried to make the French currency weaker compared to the German currency. Waigel worked closely with France's finance minister to stop this.
Waigel worked hard to convince Germans that the new currency would be as strong as the German Mark. The German Mark was a symbol of Germany's strong economy. In September 1995, Waigel suggested that countries using the new currency should have strict rules about budget deficits. He also suggested financial penalties for countries that broke these rules.
Also in September 1995, Waigel first suggested the name "Euro" for the new single currency. France had preferred the name ECU. The name "Euro" was later chosen for the new currency.
In 1996, Waigel pushed for Germany to pay less into the budget of the European Union. Germany was contributing about 60 percent of the EU's regional funds. In 1998, he joined other finance ministers in asking the President of the European Commission to limit how much a country contributes to the EU.
In November 1997, Waigel put in place a very strict budget freeze. This was to help Germany meet the rules for joining the Euro. The freeze helped save the government a lot of money.
On June 30, 1998, Waigel attended the opening of the European Central Bank in Frankfurt. He was there with other important leaders, including Chancellor Kohl.
Life After Politics
After leaving politics, Waigel has held many different jobs. He has been an Honorary Consul for Liechtenstein. He has also served on the boards of many companies and foundations. For example, he was on the Supervisory Board of Generali Deutschland and the Advisory Board of Alcatel.
From 2009 to 2012, Waigel worked as an independent monitor for the company Siemens. His job was to make sure the company followed rules about fair business practices. He was the first non-U.S. person to hold such a position.
In 2011, Waigel was part of the group supporting Munich's bid to host the 2018 Winter Olympics. In 2012, he joined a special panel at Deutsche Bank to review how the company paid its employees.
Waigel has continued to be a delegate for the CSU party. He has attended the Federal Convention to elect the President of Germany several times, including in 2009, 2010, 2017, and 2022.
From 2016 to 2022, Waigel served on a special panel. This panel oversaw a new law for German officials. The law required them to wait a certain time before taking jobs in business after leaving government.
In 2017, Waigel was appointed to an independent panel for Airbus. This panel reviewed the company's practices during investigations into fraud and bribery. In 2021, he was chosen to co-lead an expert group. This group looked into the role of the audit firm Ernst & Young in the Wirecard scandal.
Personal Life
Theo Waigel has been married twice. He has two children from his first marriage. Since 1994, he has been married to Irene Epple, who was an Olympic alpine skier. They have one child together.
Images for kids
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Waigel (right) with Erwin Huber in 1989
See also
In Spanish: Theo Waigel para niños
