German central bank chief Joachim Nagel announced the building renovation was being cancelled

German central bank chief Joachim Nagel announced the building renovation was being cancelled

Germany's central bank said Wednesday it was abandoning a project to renovate its historic Frankfurt headquarters after furious criticism over costs that could spiral into the billions, and would instead move permanently to a new site.

The enormous 1970s brutalist concrete building had become synonymous with the Bundesbank and was said to reflect its culture of fostering economic stability.

Originally published on doc.afp.com, part of the BLOX Digital Content Exchange.

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