2021 ECB Forum – Speakers

Mr Bailey served as CEO of the Financial Conduct Authority from July 2016 until he took up the role of Governor of the Bank of England. As CEO, he was also a member of the Prudential Regulation Authority’s Prudential Regulation Committee, the Bank of England’s Financial Policy Committee, and the Financial Conduct Authority Board.

Mr Bailey previously served as Deputy Governor for Prudential Regulation and CEO of the Prudential Regulation Authority from April 2013.

While retaining his role as Executive Director for Prudential Supervision of the Bank of England, he joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012 Mr Bailey became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. He was appointed a voting member of the interim Financial Policy Committee at its June 2012 meeting.

Previously, Mr Bailey worked at the Bank of England in a number of areas, including as Executive Director for Banking Services and Chief Cashier, and as Head of the Bank’s Special Resolution Unit. He also served as the Governor’s Private Secretary and Head of the International Economic Analysis Division in Monetary Analysis.

She holds a PhD in Economics from the Stockholm School of Economics and has extensive experience in financial markets and economic research. Before joining Sveriges Riksbank, Ms Breman was Group Chief Economist and Global Head of Macro Research at Swedbank.

She has also held an Assistant Professor position at the University of Arizona and worked at the Swedish Ministry of Finance and the World Bank.

Discussion of "Climate policies and monetary policies in the euro area" by Warwick McKibbin

Ms Criscuolo’s work focuses on entrepreneurship, enterprise dynamics, productivity and policy evaluation. She has coordinated large cross-country microdata projects on employment dynamics, productivity, and research and development. Ms Criscuolo has played a lead role in advancing the use of firm-level data and of microdata projects within the OECD. She has contributed to key horizontal and high-level projects and publications, including “The Future of Productivity”, “New Sources of Growth: Knowledge-based capital” and “The OECD Innovation Strategy”.

She co-manages the Global Forum on Productivity and is a member of the French and Portuguese National Productivity Boards.

Her research on innovation, business dynamics, productivity, policy evaluation and international trade has been published in leading academic journals. She has also lectured at the University of Siena, City, University of London and the University of Cambridge. Ms Criscuolo is a research associate at the Centre for Economic Performance at the London School of Economics, where she was previously a research fellow before joining the OECD. She holds a PhD in economics from University College London.

Productivity and business dynamics through the lens of COVID-19: the shock, risks and opportunities
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He was Spanish Minister of Economy, Industry and Competitiveness (2016-18) and Minister of Economy and Competitiveness (2011-16). He served as Secretary of State for Economic Affairs and member of the Economic and Financial Committee of the EU (2002-04). Prior to that, he was Secretary General for Economic and Competition Policy (2000-02) and Director General (1996-2000).

Mr de Guindos was Director of IE Business School in Madrid and the PricewaterhouseCoopers/IE Center for the Finance Sector (2010-11). He was previously Head of Financial Services at PwC (2008-09). He was Chief Executive Officer Iberia at Lehman Brothers and Chief Executive Officer at Nomura Securities (2006-08).

He graduated with honours with a BSc in economics from CUNEF Universidad in Spain in 1982 and qualified as State Economist and Trade Expert in 1984.

Prior to joining the Institute, Mr Djankov was Deputy Prime Minister and Minister of Finance of Bulgaria from 2009 to 2013. Before his cabinet appointment, he was Chief Economist of the Finance and Private Sector Vice Presidency of the World Bank, as well as Senior Director for Development Economics. In his 17 years at the Bank he worked on regional trade agreements in North Africa, enterprise restructuring and privatisation in transition economies, corporate governance in East Asia and regulatory reforms around the world.

Mr Djankov is the founder of the World Bank’s “Doing Business” and “Women, Business and the Law” projects. He is the author of “Inside the Euro Crisis: An Eyewitness Account” (2014) and the “World Development Report 2002”, co-author of “Europe’s Growth Challenge” (2016) and director of the “World Development Report 2019”. He is also co-editor of “The Great Rebirth: Lessons from the Victory of Capitalism over Communism” (2014) and “COVID-19 in Developing Economies” (2020).

Mr Djankov is Policy Director of the Financial Markets Group at the London School of Economics. Previously he was Rector of the New Economic School in Russia and a visiting lecturer at Harvard University’s John F. Kennedy School of Government. He was Associate Editor of the Journal of Comparative Economics from 2004 to 2009 and Chair of the Board of the European Bank for Reconstruction and Development in 2012-13. He has published over 90 articles in professional journals. He obtained his PhD in economics in 1997 from the University of Michigan.

He obtained a PhD in economics from the University of Oxford in 1988. Over the course of his career he has worked as a lecturer in economics at the University of Oxford (1988-89), Chief Economist in the Quantitative Studies Division of the Banco de España (1990-97), Professor of Economics at UC3M (1998-2013; 2019-present) and Professor of Economics at the European University Institute (2014-18).

He has been Co-Editor of Econometric Theory, European Economic Review and Labour Economics, President of the Spanish Economic Association, a member of the Council of the European Economic Association and Co-Director of the Centre for Economic Policy Research Labour Economics programme. He was awarded the Vanguardia de la Ciencia Prize in 2011 and the Rei Jaime I Prize in Economics in 2015.

Mr Dolado’s main areas of research are econometric theory, labour economics and macroeconometrics. He has been published in a wide array of journals, including American Economic Journal: Macroeconomics, Econometric Theory, Economic Policy, Econometrica, European Economic Review, International Economic Review, Journal of Business and Economic Statistics, Journal of Econometrics, Quantitative Economics and The Economic Journal.

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In his capacity as an Executive Board member he oversees the ECB’s Directorate General Legal Services.

Mr Elderson previously served as Executive Director of De Nederlandsche Bank, where he held several senior positions before joining the Governing Board in 2011.

Frank Elderson is Chair of the Network of Central Banks and Supervisors for Greening the Financial System. He co-chairs the Task Force on Climate-related Financial Risks of the Basel Committee on Banking Supervision.

Mr Elderson studied various courses at the University of Zaragoza, Spain. He graduated in Dutch law from the University of Amsterdam in 1994 and obtained an LLM degree from Columbia Law School, New York, in 1995.

Previously, Ms Galloni was Global Managing Editor, overseeing news planning and creation, where she was responsible for the global dimensions of Reuters coverage and developing stories with a cross-regional focus. She first joined Reuters in 1996 for the Italian-language news service in Rome, later moving to the equities reporting team in London. She rejoined Reuters in September 2013 as Editor of the Southern Europe bureau following 13 years at The Wall Street Journal, where she worked as a reporter, economics and business writer and editor, in London, Paris and Rome.

Ms Galloni is the recipient of the 2020 Lawrence Minard Editor Award from the Gerald Loeb Foundation and the UCLA Anderson School of Management, one of the highest honours a business journalist can receive. She is also the recipient of an Overseas Press Club Award and a UK Business Journalist of the Year Award.

Ms Galloni is co-author of “From the End of the Earth to Rome,” an e-book on Pope Francis. An Italian national, she is a graduate of Harvard University and has a master’s degree from the London School of Economics.

Mr Goodhart was Norman Sosnow Chair of Banking and Finance at LSE from 1985 until his retirement in 2002, when he became Professor Emeritus of Banking and Finance. He was elected a fellow of the British Academy in 1990 and was awarded a Commander of the Order of the British Empire in 1997 for services to monetary economics. In 1986 he helped found the Financial Markets Group at LSE. For the previous 17 years he served as a monetary economist at the Bank of England, becoming a chief adviser in 1980.

Following his advice on overcoming the financial crisis in Hong Kong in 1983, he subsequently served on the Hong Kong Monetary Authority’s Exchange Fund Advisory Committee until 1997. Later in 1997 he was appointed as one of the four independent outside members of the newly formed Bank of England’s Monetary Policy Committee, for three years until May 2000.

He was an economic consultant to Morgan Stanley from 2009 until resigning in 2016 at the age of 80. It was during this period that he began work on his recent book “The Great Demographic Reversal” with his colleague there, Manoj Pradhan. He is the author of Goodhart’s Law, which states that “any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes.”

Mr Goodhart’s main areas of research are monetary policy, central banking, financial regulation, monetary history and macroeconomics, on all of which he has written widely.

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Ms Gopinath’s research, which focuses on international finance and macroeconomics, has been published in many leading economics journals. She has authored numerous research articles on exchange rates, trade and investment, international financial crises, monetary policy, debt and emerging market crises.

Ms Gopinath is an elected fellow of the American Academy of Arts and Sciences and of the Econometric Society and received the Distinguished Alumnus award from the University of Washington in 2017. She was named one of the top 100 Global Thinkers by Foreign Policy in 2019 and one of the top 25 economists under 45 by the IMF in 2014. In 2011 she was chosen as a Young Global Leader by the World Economic Forum. In 2019 the Indian Government awarded her the Pravasi Bharatiya Samman, the highest honour awarded to overseas Indians.

Before joining the faculty of Harvard University in 2005 she was an assistant professor of economics at the University of Chicago Booth School of Business.

She received her PhD in economics from Princeton University in 2001 after earning a bachelor’s degree from Lady Shri Ram College for Women and master’s degrees from the Delhi School of Economics and the University of Washington.

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She is a research associate at the National Bureau of Economic Research, a research fellow at the Centre for Economic Policy Research, a visiting scholar at the Federal Reserve Bank of Boston and a member of the Model Validation Council at the Board of Governors of the Federal Reserve System. She co-heads Harvard Business School’s Private Capital Project and Private Equity and Venture Capital executive education programme.

Professor Ivashina’s research spans multiple areas of financial intermediation, including corporate credit markets, global banking operations, asset allocation by pension funds and insurance companies, and value creation by private equity. She serves as Department Editor of Management Science and as a board member of the American Finance Association and the Financial Intermediation Research Society. She holds a PhD in Finance from the NYU Stern School of Business and a BA in Economics from Pontificia Universidad Católica del Perú.

Corporate Insolvency Rules and Zombie Lending
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Ms Jones is based in Frankfurt and writes about topics that lie at the intersection of economics, politics and markets. She holds a degree in philosophy and economics from the London School of Economics.

Mr Kuroda holds a BA in law from the University of Tokyo (1967) and an MPhil in economics from the University of Oxford (1971). He started his career at the Japanese Ministry of Finance in 1967. His responsibilities at the Ministry encompassed fields such as international finance and national and international tax. He was seconded to the International Monetary Fund (IMF) as Advisor to an executive director and served as Secretary to the then Finance Minister of Japan Tatsuo Murayama. He represented the Ministry at a number of international monetary conferences as Vice-Minister of Finance for International Affairs, including meetings of the G7 Finance Ministers and Central Bank Governors, IMF/World Bank Annual Meetings and bilateral meetings between Japan and other countries or regions.

From 2003 Mr Kuroda served as Special Advisor to the Cabinet of Prime Minister Koizumi, while teaching economics and finance as a professor at the Hitotsubashi University Graduate School of Economics. In February 2005 he took office as President of the Asian Development Bank. In the eight years of his tenure, he helped reform the institution by formulating a long-term strategy and strengthening its financial resources.

Between 2011 and 2019 she served as the 11th Managing Director of the International Monetary Fund, after holding office as French Minister of Economy and Finance from 2007 to 2011 and as French Minister of Trade from 2005 to 2007.

A lawyer by training, she was in practice for 20 years with international law firm Baker McKenzie and was appointed Global Chair of the firm in 1999.

She was the first woman to hold all of these positions.

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Before joining the ECB, he was Governor of the Central Bank of Ireland. He has also chaired the Advisory Scientific Committee and Advisory Technical Committee of the European Systemic Risk Board and was Whately Professor of Political Economy at Trinity College Dublin. He is also a research fellow at the Centre for Economic Policy Research.

A graduate of Trinity College Dublin, he was awarded a PhD in economics from Harvard University in 1995 and was Assistant Professor of Economics and International Affairs at Columbia University from 1995 to 1997, before returning to Dublin. In 2001 he was the inaugural recipient of the Germán Bernácer Prize for outstanding contributions to European monetary economics.

His research concerns macroeconomics and monetary economics, including the propagation of monetary shocks, models of money demand and the cash-credit choice, and monetary institutions (monetary unions and their interactions with wage-setting institutions). He received his PhD from the Tinbergen Institute of Rotterdam in 1997. From 1998 to 2006 he was a member and later Head of the Monetary Analysis Unit at the Research Department of the Banca d’Italia.

Mr Lippi’s research is extensively cited in macroeconomics and his work has been published in top peer-reviewed international economics journals, such as the American Economic Review, Econometrica, The Quarterly Journal of Economics and The Review of Economic Studies. He has been awarded several prestigious international grants, including the research grant of the Foundation Banque de France (twice) and a five-year Advanced Grant of the European Research Council in 2013. He is currently Editor-in-Chief of The Economic Journal of the Royal Economic Society.

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He is also Director of Policy Engagement and ANU Node Leader of the Australian Research Council Centre of Excellence in Population Ageing Research. Professor McKibbin is a distinguished public policy fellow of the Economic Society of Australia, a distinguished fellow of the Asia and Pacific Policy Society and a non-resident senior fellow at the Brookings Institution in Washington, D.C., where he is Co-Director of the Climate and Energy Economics Project.

He was awarded the Order of Australia in 2016 for “distinguished service to education as an economist, particularly in the area of global climate policy, and to financial institutions and international organizations” and the Centenary Medal in 2003 for “service to Australian society through economic policy and tertiary education”.

Professor McKibbin is internationally renowned for his contributions to global economic modelling, the theory of monetary policy, climate change policy and economic modelling of pandemics. He has published more than 240 peer-reviewed academic papers and five books as well as being a regular commentator in the popular press. He served on the Board of the Reserve Bank of Australia from 2001 to 2011 and worked at the Reserve Bank from 1975 to 1991. He regularly advises international institutions, central banks, governments and corporations across a range of developed and emerging economies.

Climate policies and monetary policies in the euro area
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Prior to joining the ECB, Mr Panetta was Senior Deputy Governor of the Banca d’Italia and President of the Italian Institute for the Supervision of Insurance.

He has served as a Member of the Board of Directors and a Member of the Committee on the Global Financial System at the Bank for International Settlements. From 2014 to 2019 he was a member of the Supervisory Board of the ECB.

Mr Panetta graduated with honours in economics from Luiss University in Rome. He holds an MSc in economics from the London School of Economics and a PhD in economics and finance from London Business School.

He has authored books and papers published in international journals such as the American Economic Review, Journal of Finance, Journal of Money, Credit and Banking, European Economic Review and Journal of Banking and Finance.

Mr Powell also serves as Chair of the Federal Open Market Committee, the Federal Reserve’s principal monetary policymaking body. He has served as a member of the Board of Governors since taking office in May 2012 to fill an unexpired term. He was reappointed to the Board in June 2014 for a term ending in January 2028.

Prior to his appointment to the Board, Mr Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. From 1997 to 2005 he was a partner at The Carlyle Group.

Mr Powell served as Assistant Secretary and Under Secretary of the US Treasury under President George H.W. Bush, with responsibility for policy on financial institutions, the Treasury debt market and related areas. Prior to joining the Administration, he worked as a lawyer and investment banker in New York City.

In addition to serving on corporate boards, Mr Powell has served on the boards of various charitable and educational institutions, including the Bendheim Center for Finance at Princeton University and The Nature Conservancy in Washington, D.C. and Maryland.

He was born in February 1953 in Washington, D.C. He received an AB in politics from Princeton University in 1975 and a law degree from Georgetown University in 1979. While at Georgetown, he was Editor-in-Chief of the Georgetown Law Journal.

He is married with three children.

She is currently on leave from the University of Bonn, where she has been Professor of Financial Economics since 2015. From 2014 to 2019 she served as a member of the German Council of Economic Experts and in 2019 she was Co-Chair of the Franco-German Council of Economic Experts.

She holds a PhD in economics from the University of Mannheim. Her research focuses on financial stability, banking regulation, international capital flows and economic history.

He spent the past year in the Research Department of the Federal Reserve Bank of New York. Previously, he was a visiting professor at New York University and the University of Cambridge. He is an elected member of the Berlin-Brandenburg Academy of Sciences and Humanities. In 2018 he received the Gossen Prize of the German Economic Association, which is awarded every year to a German-speaking economist whose work has gained international renown. He is a European Research Council grantee and Managing Editor of the journal Economic Policy.

His work on credit cycles, asset prices and financial stability has been published in the American Economic Review, The Quarterly Journal of Economics, The Review of Economic Studies, the Journal of Political Economy and several other journals.

Corporate indebtedness and macroeconomic stabilisation from a long-term perspective
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She earned a PhD in Economics at New York University in 2003. She is a Fellow of the European Economic Association (EEA), and Research Fellow at the Center for Economic Policy Research, the Innocenzo Gasparini Institute for Economic Research and the Baffi Carefin Centre. She is currently a member of the Euro Area Business Cycle Dating Committee, and is Programme Co-Chair of the 2021 EEA Congress, having previously served as Council Member for the same association.

She has also served as Associate Editor of the Journal of Monetary Economics and Panel Member of Economic Policy. She has been a visiting researcher at numerous central banks, including Sveriges Riksbank and De Nederlandsche Bank, as well as a consultant at the International Labour Organization and the Bank of England.

Her main research interests are macroeconomics, labour macroeconomics and monetary economics, and her work on these topics has been published in numerous scientific journals, including the Journal of Political Economy, The Review of Economic Studies and the Journal of Monetary Economics.

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Until 2020 he was the Gordon Y Billard Professor of Finance at the MIT Sloan School of Management. He has published over 100 papers on many areas in economics, with a particular focus on firm performance and the causes and consequences of innovation.

Mr Van Reenen was the winner of the 2009 Yrjö Jahnsson Award (the European equivalent of the John Bates Clark Medal), the Arrow Prize (2011), the European Investment Bank Prize (2014) and the HBR McKinsey Award (2018). He is a fellow of the British Academy, the Econometric Society, the National Bureau of Economic Research, the Centre for Economic Policy Research and the Society of Labor Economists. In 2017 he was awarded an Officer of the Order of the British Empire for “services to public policy and economics” by Her Majesty Queen Elizabeth II.

Discussion of “Productivity and Business Dynamics through the lens of COVID-19” by Chiara Criscuolo

He is also a research associate of the National Bureau of Economic Research, the Centre for Economic Policy Research, the Institute for Fiscal Studies and IZA Institute of Labor Economics and a fellow of the Econometric Society. He sits on the Editorial Board of the Journal of Economic Perspectives.

After obtaining his laurea from the University of Turin, Mr Violante received his PhD in economics from the University of Pennsylvania. Before joining Princeton, he taught at University College London and New York University.

He was Editor of the Review of Economic Dynamics and Co-Editor of Econometrica. His main research interests lie in macroeconomics, labour economics and public finance. One of his articles won the Economics in Central Banking Award.

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A native of Slovenia, Mr Zakrajšek joined the BIS permanently in 2021 after more than 25 years with the US Federal Reserve System. After receiving a PhD in Economics from New York University, he started his career in the research department of the Federal Reserve Bank of New York and later joined the division of Monetary Affairs at the Board of Governors of the Federal Reserve System in Washington D.C., where he held a succession of senior management roles.

Mr Zakrajšek is a Research Fellow at the Centre for Economic Policy Research, a Research Fellow at the Centre for Finance, Credit and Macroeconomics at the University of Nottingham and serves as the editor of the BIS Working Papers. He has also taught economics at Columbia University and Johns Hopkins University. His research and policy interests have focused on macro-finance, credit markets, inflation dynamics and monetary policy, and his research on the role of financial factors in economic fluctuations has been published in leading academic journals, including the American Economic Review, the Quarterly Journal of Economics and the Journal of Monetary Economics.

Discussion of "Corporate Indebtedness and Macroeconomic Stabilisation From a Long-Term Perspective" Moritz Schularick