organisers 2014
agenda 2014
speakers 2014
sponsors 2014
organisers 2014
Martin Aehling
Head, Financial Risk and Stability Network
scientific co-organisers:
Prof. Jörg Rocholl
President, European School of Management and Technology
Prof. Marcel Fratzscher
President, German Institute for Economic Research
Prof. Henrik Enderlein
Director, Jacques Delors Institut – Berlin
Dr. Guntram Wolff
Director, Bruegel
agenda 2014

The Comprehensive Assessment, the ECB’s New Role and Limits of a Common Supervision in the European Union

High level joint conference with an outstanding program in Berlin. The conference was organised by Financial Risk and Stability Network. Participation was without fees but restricted on confirmed registration.

  Program 2014 (pdf)
  Speakers 2014 (pdf)


09:00  Opening
Martin Aehling, Head, Financial Risk and Stability Network


09:15  Keynote
A Credible Case for Resolving through Bankruptcy

Thomas Hoenig, Vice Chairman,
Federal Deposit Insurance Corporation


10:00  Panel I
The Comprehensive Assessment:
Implications and Consequences

–   Have Asset Quality Review and Stress Test been successful?
–   How resilient is the European Banking System today?
–   Is the European Central Bank a Credible Supervisor?

Prof. Mathias Dewatripont, Vice Governor,
National Bank of Belgium
Andrea Enria, Chairperson, European Banking Authority
Sylvie Matherat, Global Head of Government and
Regulatory Affairs, Deutsche Bank
Dr. Natacha Valla, Deputy Director, CEPII
Moderation: Prof. Henrik Enderlein, Director, Jacques Delors
Institute Berlin, and Professor at Hertie School of Governance

11:00  Coffee


11:30  Panel II
Limits of a Common Supervision in the EU

–   How important is the Conflict between Monetary Policy and Supervision?
–   Is the Focus on Big Banks sufficient?
–   How precisely should the Supervisory Framework function?
–   How can it take into account National Differences?

Costanza Bufalini, Head of European and Regulatory Affairs, UniCredit
Dr. Elke König, President,
German Federal Financial Supervisory Authority
Dr. Jukka Vesala, Director General Micro-Prudential Supervision III,
Single Supervisory Mechanism, European Central Bank
Dr. Jeromin Zettelmeyer, Director General for Economic Policy,
German Federal Ministry for Economic Affairs and Energy
Moderation: Prof. Marcel Fratzscher, President,
German Institute for Economic Research – DIW Berlin


12:30  Lunch


13:30  Panel III
Recapitalisation, Restructuring or Resolution:
What to do and how?

–   How can Banks be re-capitalised best?
–   How to deal with Systemic Banking Crisis in the new Banking Union?
–   Does Europe need more Bank Consolidation and Restructuring?

Prof. Arnoud Boot, University of Amsterdam,
ESRB Scientific Advisory Committee
Prof. Charles Goodhart, Financial Markets Group,
London School of Economics
Andrew Gracie, Executive Director Resolution,
Bank of England
Dr. Levin Holle, Director General, Financial Markets Policy Department,
German Federal Ministry of Finance
Moderation: Dr. Guntram Wolff, Director, Bruegel


14:30  Panel IV
To a Workable Banking Union:
The Interplay of Powers and Politics

–   Will Banking Nationalism still prevail and how strong will it be?
–   How independent can the Resolution Authority act?
–   How questionable is the Way of Intergovernmental Arrangements?

Markus Ferber, CSU/EVP, Member of the European Parliament
Sven Giegold, The Greens, Member of the European Parliament
Dr. Dierk Hirschel, Chief Economist, German United Services Union Verdi
Thomas Wieser, President, Euro Working Group, and Chairman,
EU Economic and Financial Committee
Moderation: Mark Schieritz, Economic Policy Correspondent, Die Zeit

15:30  Coffee


16:00  Keynote
On a Sound and Growth-Enhancing Financial Sector in Europe

Erkki Liikanen, Governor,
Bank of Finland


16:45  Panel V
The New Financial Order:
Unfinished Issues and Constituents of a Fair Financial System

–   Too Big Too Fail: How to deal with Implicite State Guarantees?
–   Bank State Nexus: How to solve an Unfortunate Liaison?
–   Lacking Fairness: How to better balance Risk and Benefits?

Aerdt Houben, Division Director Financial Stability,
Dutch Central Bank
Dr. Maria Nieto, Associate to the Director General of Banking
Regulation and Financial Stability, Bank of Spain
Paulina Przewoska, Senior Policy Analyst, Finance Watch
Nicolas Véron, Senior Fellow, Bruegel
Dr. José Vinals, Director of the Monetary and Capital Markets Department,
International Monetary Fund
Moderation: Prof. Jörg Rocholl, President,
ESMT European School of Management and Technology


17:50  Closing
Organiser & Co-Organisers

18:00  Get together

speakers 2014

The Comprehensive Assessment, the ECB’s New Role and Limits of  a Common Supervision in the European Union

Financial Stability Conference
30 October 2014, Berlin
9 a.m. – 6 p.m. at Auditorium Friedrichstraße

Keynote speakers:

Thomas Hoenig, Vice Chairman, Federal Deposit Insurance Corporation
Erkki Liikanen, Governor, Bank of Finland

Panelists & Moderators:

Prof. Arnoud Boot, University of Amsterdam and ESRB Scientific Advisory Committee
Costanza Bufalini, Head of European and Regulatory Affairs, UniCredit
Prof. Mathias Dewatripont, Vice Governor, National Bank of Belgium
Prof. Henrik Enderlein, Director, Jacques Delors Institut – Berlin, and Professor at Hertie School of Governance
Andrea Enria, Chairperson, European Banking Authority
Markus Ferber, CSU / EVP, Member of the European Parliament, Econ Vice-Chair
Prof. Marcel Fratzscher, President, German Institute for Economic Reseach – DIW Berlin
Sven Giegold, The Greens, Member of the European Parliament
Prof. Charles Goodhart, Financial Markets Group, London School of Economics
Andrew Gracie, Executive Director Resolution Directorate, Bank of England
Dr. Dierk Hirschel, Chief Economist, German United Service Union Verdi
Dr. Levin Holle, Director General, Financial Markets Policy Department, German Federal Ministry of Finance
Aerdt Houben, Division Director Financial Stability, Dutch Central Bank
Dr. Elke König, President, German Federal Financial Supervisory Authority
Sylvie Matherat, Global Head of Government and Regulatory Affairs, Deutsche Bank
Dr. Maria Nieto, Associate to the Director General of Banking Regulation and Financial Stability, Bank of Spain
Paulina Przewoska, Senior Policy Analyst, Finance Watch
Prof. Jörg Rocholl, President, ESMT European School of Management and Technology
Mark Schieritz, Economic Policy Correspondent, Die Zeit
Dr. Natacha Valla, Deputy Director, CEPII
Nicolas Veron, Senior Fellow, Bruegel
Dr. Jukka Vesala, Director General Micro-Prudential Supervision III, Single Supervisory Mechanism, European Central Bank
Dr. José Vinals, Director, Monetary and Capital Markets Department, International Monetary Fund
Thomas Wieser, President, Euro Working Group, and Chairman, EU Economic and Financial Committee
Dr. Guntram Wolff, Director, Bruegel
Dr. Jeromin Zettelmeyer, Director General for Economic Policy, German Federal Ministry for Economic Affairs and Energy

Photos & Bios:
Prof. Arnoud Boot

Arnoud Boot is professor of Corporate Finance and Financial Markets at the University of Amsterdam and co-director of the Amsterdam Center for Law & Economics. He is chairman of the Bank Council of the Dutch Central Bank, member of the Scientific Council for Government Policy and the Advisory Scientific Committee of the European Systemic Risk Board. He is a research fellow at the Centre for Economic Policy Research in London and at the Davidson Institute of the University of Michigan. Prior to his current positions, he was member of the Dutch Social Economic Council from 2004-2014, a faculty member of the J.L. Kellogg Graduate School of Management at Northwestern University in Chicago, and during 2000-2001 he was a partner in the Finance and Strategy Practice at McKinsey. In 2008 he was president of the European Finance Association. In addition to his academic activities, Arnoud Boot advises extensively on ownership structure issues, particularly related to the public/private domain. He is frequently involved in legal cases (expert opinions), and is consultant to several financial institutions and corporations.

Costanza Bufalini

Costanza Bufalini is Head of European and Regulatory Affairs, part of UniCredit’s Public Affairs Department, at UniCredit since June 2012. Before that date and since January 2007 she headed the EU Public Affairs team for the same bank. Prior to join UniCredit, Costanza Bufaline worked as a lawyer in major Italian Law Firms advising large international and national corporates in various areas of EU law with a specific focus on EU and Italian Competition Law and regulatory issues. Costanza Bufalini holds a Law Degree and post-graduate diploma in EC Competition Law from King’s College, London. She is admitted to the Italian Bar since 1997.

Prof. Matthias Dewatripont

Mathias Dewatripont was appointed Executive Director at the National Bank of Belgium in May 2011, and Vice-Governor in June 2014, where he is responsible for prudential policy and financial stability. In this capacity, he is a member of the Supervisory Board of the European Central Bank and of the Basel Committee on Banking Supervision. Since 1990, he has been Professor of Economics at Université Libre de Bruxelles (ULB). He was part-time Visiting Professor at the Massachusetts Institute of Technology (MIT) and Research Director of the Centre for Economic Policy Research between 1998 and 2011. Fellow of the Econometric Society, laureate of the 1998 Francqui Prize and of the 2003 Yrjo Jahnsson Prize for Economics, he was elected President of the European Economic Association for the Year 2005. Matthias Dewatripont was also outside Director of CGER-Bank (1992-99) and President and then Dean of the Solvay Brussels School of Economics and Management of ULB (2009-2011). He has widely published in the areas of contract theory, organization economics and banking and finance.

Prof. Henrik Enderlein

Henrik Enderlein is Associate Dean and Professor of Political Economy at the Hertie School of Governance and Director of the Jacques Delors Institut – Berlin. During the academic year 2012-13 he was the Pierre Keller Visiting Professor at Harvard Kennedy School and the Weatherhead Center of International Affairs. He holds degrees from Sciences Po, Paris, and Columbia University, New York. He prepared his PhD in Political Science at the Max Planck Institute for the Study of Societies in Cologne. From 2001-2003, he worked as an economist at the European Central Bank in Frankfurt before taking up a Junior Professorship in Economics at the Free University Berlin. In 2003, Henrik Enderlein was awarded the Max Planck Society’s Otto-Hahn Medal for outstanding achievements by young scientists. He joined the Hertie School of Governance as a member of the founding faculty in 2005. During the academic year 2006-2007, Henrik Enderlein was Fulbright Distinguished Chair at Duke University’s Political Science Department. His research is on economic policy-making, European monetary integration, fiscal federalism, financial markets and financial crises.

Andrea Enria

Andrea Enria took office as the first Chairman of the European Banking Authority in March 2011. Before, he was the Head of the Regu-lation and Supervisory Policy Department at the Bank of Italy. Andrea Enria previously served as Secretary General of CEBS, dealing with technical aspects of EU banking legislation, supervisory convergence and cooperation within the EU. In the past, he also held the position of Head of Financial Supervision Division at the European Central Bank. Before joining the ECB he worked for several years in the Research Department and in the Supervisory Department of the Bank of Italy. Mr Enria has a BA in Economics from Bocconi University and a M. Phil. in Economics from Cambridge University.

Markus Ferber

Markus Ferber represents the governmental district Swabia in the European Parliament since 1994. From 1999 until 2014 he was chairman of the CSU delegation in the EP and Co-Chairman of the CDU/CSU delegation in the European People‘s Party (EPP) group. In 2005 he was elected regional chairman of the CSU Swabia. Markus Ferber is first Vice-Chair of the Committee on Economic and Monetary Affairs and substitute member of the Committee on Transport and Tourism. He is as well the Chairman of the parliamentary working group “Mittelstand” (PKM Europe).

Prof. Marcel Fratzscher

Marcel Fratzscher is President of the German Institute for Economic Research (DIW Berlin) and Professor of Macroeconomics and Finance at Humboldt-University Berlin. His prior professional experience includes work as Head of the International Policy Analysis at the European Central Bank, where he worked from 2001 to 2012; the Peterson Institute for International Economics in 2000-01; before and during the Asian financial crisis in 1996-98 at the Ministry of Finance of Indonesia for the Harvard Institute for International Development; and shorter periods at the Asian Development Bank, the World Bank and in various parts of Asia and Africa.

Sven Giegold

Sven Giegold is a German member of the European Parliament for the The Greens/European Free Alliance. He is also a member of the ECON Committee on Economic and Monetary Affairs. He was first elected to the European Parliament in the 2009 elections, where be became Coordinator of The Greens/EFA in the Economic and Monetary Affairs committee, Rapporteur on the European Securities and Market Authority. In January 2010 Sven Giegold co-founded the Institute Solidarische Moderne. He was also co-founder of Attac Germany.

Prof. Charles Goodhart

Charles Goodhart is Emeritus Professor of Banking and Finance with the Financial Markets Group at the London School of Economics, having previously, 1987-2005, been its Deputy Director. Until his retirement in 2002, he had been the Norman Sosnow Professor of Banking and Finance at LSE since 1985. Before then, he had worked at the Bank of England for seventeen years as a monetary adviser, becoming a Chief Adviser in 1980. In 1997 he was appointed one of the outside independent members of the Bank of England’s new Monetary Policy Committee until May 2000. Earlier he had taught at Cambridge and LSE. Besides numerous articles, he has written a couple of books on monetary history; a graduate monetary textbook; two collections of papers on monetary policy, Monetary Theory and Practice (1984) and The Central Bank and The Financial System (1995); and a number of books and articles on Financial Stability, on which subject he was Adviser to the Governor of the Bank of England, 2002-2004, and numerous other studies relating to financial markets and to monetary policy and history. His latest books include The Basel Committee on Banking Supervision: A History of the Early Years, 1974-1997, (2011), and The Regulatory Response to the Financial Crisis, (2009).

Andrew Gracie

Andrew Gracie is Executive Director for Resolution at the Bank of England. He has responsibility for the resolution of banks and the other financial institutions subject to the UK Special Resolution Regime and for developing Bank policy in this area. Andrew Gracie joined the Bank of England in 1988. In previous roles he has worked in Financial Stability, Markets and Banking Supervision. Between 2006 and 2011 he left the Bank to run his own consulting company, Crisis Management Analytics.

Dr. Dierk Hirschel

Dierk Hirschel is Chief Economist of the German United Services Union (Verdi Trade Union) since 2010. Before, he has been in the same position at the German Confederation of Trade Unions (DGB) from 2003 to 20110. As a further activity he acts as Board Repre-sentative of Arcelor Mittal Bremen. Dierk Hirschel studied macroeconomics at the universities of Hamburg and Bremen and he holds a PhD from the University of Lueneburg. He is author of various articles in German and foreign newspapers.

Thomas Hoenig

Thomas M. Hoenig was confirmed by the Senate as Vice Chairman of the Federal Deposit Insurance Corporation in November 2012. He joined the FDIC in April 2012, as a member of the FDIC Board of Directors for a six-year term. He is a member of the executive board of the International Association of Deposit Insurers. Prior to serving on the FDIC board, Mr. Hoenig was the President of the Federal Reserve Bank of Kansas City and a member of the Federal Reserve System’s Federal Open Market Committee from 1991 to 2011. Thomas Hoenig was with the Federal Reserve for 38 years, beginning as an economist and then as a senior officer in banking supervision during the U.S. banking crisis of the 1980s. In 1986, he led the Kansas City Federal Reserve Bank’s Division of Bank Supervision and Structure, directing the oversight of more than 1,000 banks and bank holding companies. He became President of the Kansas City Federal Reserve Bank in October 1991.

Dr. Levin Holle

Levin Holle is the Head of the Financial Markets Policy Department of Germany´s Federal Ministry of Finance. His responsibilities include the formulation of policies and strategies with respect to federal credit institutions, federal debt management, financial markets as well as international financial markets policy. He is also responsible for the supervision of the Financial Market Stabilisation Authority and the Federal Financial Supervisory Authority. Prior to joining the German Finance Ministry Levin Holle worked 15 years for the management consultancy Boston Consulting Group.

Aerdt Houben

Aerdt Houben is Director of the Financial Stability Division at De Nederlandsche Bank (DNB), the Dutch central bank and prudential supervisor. The division assesses macroprudential risks in the Netherlands and formulates policy proposals to safeguard financial stability. Prior to this, he headed the Supervisory Strategy Department during the integration of prudential supervision on banks, insurance companies and pension funds within DNB. Before that, he headed the Monetary Policy Department, including during the change-over to the euro. He has worked at the IMF, in the Policy Development and Review Department. He is currently a member of the Committee on the Global Financial System at the BIS, the Standing Committee on Analytical Vulnerabilities of the Financial Stability Board, the Advisory Technical Committee of the European Systemic Risk Board and the Financial Stability Committee of the ECB. He chairs the Instruments Working Group of the ESRB. He has been a member of the Basel Committee on Banking Supervision and the International Organisation of Pension Supervisors and has been active in numerous other policy committees.

Dr. Elke König

Dr. Elke König has been President of the German Federal Financial Supervisory Authority (BaFin) since 2012. From 1980 to 1990 she worked for KPMG Deutsche Treuhandgesellschaft in Cologne, auditing and advising insurance undertakings, from 1986 as a holder of a special statutory authority (Prokuristin), from 1988 as a director and partner. From 1990 to 2002, as a member of senior management of the Munich Re Group, she was Head of Accounting, before moving to Hannover Rückversicherung AG as Chief Financial Officer. From 2010 to end-2011 she was a member of the International Accounting Standards Board (IASB) in London. She is Chair of the Resolution Steering Group of the Financial Stability Board.

Erkki Liikanen

Erkki Liikanen has been Governor of the Bank of Finland since 2004. He is currently serving his second 7-year term. A former EU Commissioner, Ambassador and Minister of Finance, Erkki Liikanen is one of the longest serving members of the Governing Council of the European Central Bank. He is Chairman of the ECB Audit Committee, with a mandate to enhance the corporate governance of the ECB and the Eurosystem. He is also Governor of the International Monetary Fund for Finland. In 2012, Erkki Liikanen chaired a High-level Expert Group proposing structural reforms to the EU banking sector. At the European Commission, he was responsible for Enterprise and Information Society, and earlier for Budget, Personnel and Administration. In all, Erkki Liikanen was a member of the European Commission for almost ten years. In the early 1990s, he was head of the Finnish Mission to the European Union. Before commencing his international career, Mr Liikanen was Minister of Finance for Finland.

Sylvie Matherat

Sylvie Matherat is the Global Head of Government and Regulatory Affairs and Group Executive Committee Member at Deutsche Bank AG. Before joining Deutsche Bank, Sylvie Matherat has been Deputy Director General at Banque de France in charge of financial stability, regulation, payment and settlement systems, infrastructure and banking services. She was also member of the Basel Committee, chair of its liquidity group, member of the BIS Committee on Payment and Settlement Systems and of the ECB Payment and Settlement Systems Committee. She was a member of a number of FSB working groups. Previously, she has been Deputy Director and then Director of research and policy for the French Prudential Authority especially in charge of Basel 2 implementation and IFRS application. She also worked in the private sector on structured finance for a large banking group.

Dr. Maria Nieto

María J. Nieto is Associate to the Director General Bank Regulation and Financial Stability at Bank of Spain. Her focus has been on prudential regulation and crisis management in the EU. She has been a contributor on these topics to the BIS, European Central Bank, European Commission and the OECD. She has cooperated as consultant with the International Monetary Fund as well as the Federal Reserve Bank of Atlanta. Maria Nieto has published widely, among others, in the Journal of Banking and Finance, Journal of Financial Stability, European Financial Management and Journal of Banking Regulation. She is also editorial board member of the Journal of Banking Regulation and the Journal of Financial Regulation and Compliance. Maria Nieto has developed her career at the European Central Bank, the Council of Economic Advisors to the Spanish President, the EBRD and the IMF.

Paulina Przewoska

Paulina Przewoska is Senior Policy Analyst at Finance Watch, a Brussels-based public interest advocacy association, and specializes in banking regulation and supervision. Before joining Finance Watch she held the position of Head of Unit at the Polish Financial Supervision Authority, where she spent 5 years. Previously she was working for Deloitte both in Poland and in Germany. Paulina holds a master’s degree in finance from the Warsaw School of Economics and master’s degree in law from the University of Warsaw.

Prof. Jörg Rocholl

Jörg Rocholl, PhD, is president of ESMT European School of Management and Technology in Berlin and member of the economic advisory board of the German Federal Ministry of Finance. He is also research professor at the Ifo Institute in Munich and Duisenberg fellow of the European Central Bank (ECB). Professor Rocholl graduated from the Universität Witten/Herdecke, where he earned a degree in economics (with honors). After completing his PhD at Columbia University in New York, he was named an assistant professor at the University of North Carolina at Chapel Hill. Prof. Rocholl has researched and taught at ESMT since 2007 and was appointed president of ESMT in 2011. Since 2010 he holds the “EY Chair in Governance and Compliance”.

Dr. Natacha Valla

Natacha Valla is CEPII Deputy Director and heads the scientific programme International Macroeconomics and Finance. Holding a PhD from the European University Institute, she is also a fellow at the CGSP on the European policy issues. She is chief editor of the CEPII Policy Brief. Natacha Valla is a board member of SUERF – European Money and Finance Forum, member of the Commission Economique de la Nation – nominated advisory group to the Finance Minister, board member of AFFi and member of the Société d’Economie Politique. Natacha Valla has been previously Executive Director for Goldman Sachs from 2008 to 2013, after being an Economist with the ECB and the Banque de France. She has worked as a consultant for the IMF and the OECD as well. She has also been a Lecturer (International Economics) at HEC and IEP. She got the 2000 prize of the Society for Computational Economics.

Nicolas Véron

Nicolas Véron is a scholar both at Bruegel, which he cofounded in 2002-04, and at the Peterson Institute for International Economics, which he joined in 2009. His research is primarily about the economics and political economy of financial systems and financial services policy. A graduate of France’s Ecole Polytechnique, his earlier experience was in the French government and the private sector. He is an independent board member of the global derivatives trade repository arm of DTCC, a financial infrastructure company that operates on a non-profit basis. In September 2012, Bloomberg Markets included Véron in its annual 50 Most Influential list, with reference to his early advocacy of European banking union.

Dr. Jukka Vesala

Jukka Vesala is Director General Micro‐Prudential Supervision III at the Single Supervisory Mechanism, the ECB’s supervisory authority which takes over the direct supervision of Europe’s banking sector from November 4. There he is responsible for overseeing the conduct of supervision of the over 5,900 credit institutions which are supervised directly by National Competent Authorities in concert with the SSM. Also, he is Project Manager at the ECB for the Comprehensive Assessment. From 2004 until 2011 Jukka Vesala was Deputy Director General at the Finnish Financial Supervisory Authority. He has been a member of the Board of the European Banking Authority, an Advisory Member of the Audit Committee of the European Investment Bank, and a Principal Expert in the Financial Stability Division of the ECB. He was also the Secretary of the ESCB Banking Supervision Committee from June 2003 to September 2004. Jukka Vesala has furhter worked as a research economist at the Bank of Finland and as lecturer in banking and monetary economics at the Helsinki School of Economics, from where he holds a doctoral degree in economics.

Dr. José Vinals

José Viñals is currently the Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF). He is a member of the Financial Stability Board, representing the IMF. His professional career has been closely tied to the Central Bank of Spain, where he served as the Deputy Governor after holding successive positions. He has also held the positions of Chairman of the European Central Bank International Relations Committee; and Chairman of Spain’s Deposit Guarantee Funds. He has been a member of: the Bank for International Settlements (BIS) Committee on the Global Financial System; the European Central Bank Monetary Policy Committee; and the high-level group appointed by the President of the European Commission to examine economic challenges in the European Union. José Viñals was also a member of the European Union Economic and Financial Committee and a Board Member of the Spanish Securities Authority, the Comisión Nacional del Mercado de Valores.

Thomas Wieser

Thomas Wieser is the Brussels-based President of the Euro Working Group, and Chairman of the European Union’s Economic and Financial Committee. Prior to that he was Director General for Economic Policy and Financial Markets of the Austrian Ministry of Finance, Vienna. He has held a number of international functions, for example as Chair of the OECD Committee on Financial Markets, and as Chairman of the EFC from 2009 to 2011. Thomas Wieser has a degree in economics and has worked in the banking sector, research, international organisations and the public sector.

Dr. Guntram Wolff

Guntram Wolff is the Director of Bruegel since June 2013. His research focuses on the European economy and governance, on fiscal and monetary policy and global finance. He regularily testifies to the European Finance Ministers’ ECOFIN meeting, the European Parliament, the German Parliament and the French Parliament and is a member of the French prime minister’s Conseil d’Analyse Economique. Guntram Wolff joined Bruegel from the European Commission, where he worked on the macroeconomics of the euro area and the reform of euro area governance. Prior to joining the Commission, he was coordinating the research team on fiscal policy at Deutsche Bundesbank. He also worked as an adviser to the International Monetary Fund.

Dr. Jeromin Zettelmeyer

Jeromin Zettelmeyer is Director General for Economic Policy at the German Federal Ministry for Economic Affairs and Energy. Until March 2014 he was Deputy Chief Economist and Director of Research at the European Bank for Reconstruction and Development. Prior to that, he was at the International Monetary Fund (1994-2008). He is also a Research Fellow of the Centre for Economic Policy Research and a member of the World Economic Forum’s Global Agenda Council on Fiscal Crises. From 2013 until he joined the German Ministry of Economic Affairs, he was also a non-resident Senior Fellow of the Peterson Institute for International Economics. Jeromin Zettelmeyer has published widely on topics including financial crises, sovereign debt, economic growth and transition to market. He is co-author of “Debt Defaults and Lessons from a Decade of Crises”, an account of the emerging market debt crises of the 1990s and 2000s.

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