About Theo Waigel
Theodor Waigel (born 22 April 1939) is a German politician of the Christian Social Union in Bavaria (CSU). He represented Neu-Ulm in the Bundestag from 1976 to 2002. Waigel is a lawyer, and earned a doctorate in 1967. He was a member of the Bundestag from 1972 to 2002. He served as Federal Minister of Finance of Germany in the Cabinet of Chancellor Helmut Kohl from 1989 to 1998, and as Chairman of the Christian Social Union in Bavaria from 1988 to 1999. He is known as the father of the Euro, the European currency. He played a vital role in its introduction as German Minister of Finance. He also managed to impose an austerity program on West Germans and overcome the massive deficits of German unification to meet the strict fiscal benchmarks mandated by Europe's single currency. In 2009, he was appointed Honorary Chairman of the CSU. Waigel first became a Member of the German Bundestag for Neu-Ulm in the 1972 federal elections. At the time, Germany had a record 2.2 trillion marks in public debt, much of it amassed during Waigel's tenure because of the costs of reunification. In 1991, Waigel became the first chairman of the board of the newly established European Bank for Reconstruction and Development (EBRD). Also in September 1995, Waigel first floated Euro as the name of the new single currency.
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