The Bundesbank has accepted the government's nomination of Axel Weber as the new president of Germany's central bank, according to a statement. Weber, a member of the government's panel of economic advisers, will replace Ernst Welteke, who stepped down earlier this month after it was revealed that he accepted hospitalities from Dresdner Bank and BMW. The Bundesbank's board released a statement after discussions with Weber saying that it had "no objections'' to the nomination and "is looking forward to working'' with the former professor for international economy at Cologne University. Once a formal notification has been presented to the finance ministry, German President Johannes Rau will officially appoint Weber. Weber will represent Europe's biggest economy on the 18 member governing council of the European Central Bank, which sets interest rates for the dozen nations sharing the euro.