Werner Hoyer has been President of the European Investment Bank since 1 January 2012. BDr Hoyer has a PhD in economics from the Cologne University. He started his career as a senior research assistant at the Cologne University and soon became an associate lecturer in international economic relations. 1985 he took on the position as Director of the Economics and Information Department of the Carl Duisberg Society, Cologne and 1987 became a Member of the German Bundestag where he stayed until 31 December 2011. During his service at the German Bundestag he held several positions; first as Whip and Security Policy Spokesman of the FDP (Free Democratic Party) Parliamentary Group, then later as Deputy Chairman of the German-American Parliamentary Friendship Group, He was also Secretary General of the FDP, before becoming Minister of State at the Foreign Office. In 2000 he became the President of the European Liberal Democratic Reform Party (ELDR), Brussels and also held the position of Deputy Chairman and Foreign Affairs Spokesman of the FDP parliamentary group. From 1994 to 1998 and then again from 1999 to 31 December 2011, he was Minister of State (Deputy Foreign Minister) at the German Foreign Office, responsible for Political and Security Affairs, European Affairs, United Nations and Arms Control and Commissioner for Franco-German Cooperation.