How Does the Eurosystem Work?

IIEA10th March 20161min
In 2012 Governor Noyer gave an address at the IIEA entitled Fixing Europe’s Financial Crisis, in which he argued for fiscal discipline, structural reforms and the creation of a banking union.

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About the Speech:   In 2012 Governor Noyer gave an address at the IIEA entitled Fixing Europe’s Financial Crisis, in which he argued for fiscal discipline, structural reforms and the creation of a banking union. Since then banking union has been established and the European semester has been introduced. Mr. Noyer commented on these developments before reflecting on the federal nature of the European System of Central Banks and its impact on monetary policy decision making.

About the Speaker:   Christian Noyer was Governor of the Banque de France from November 2003 until November 2015. He was also elected Chairman of the Board of Directors of the Bank for International Settlements (BIS) from 2010 till 2015. He served as Vice-President of the European Central Bank (ECB) from 1998 until 2002. He also served as an adviser to the then French Minister of Finance, Mr. Balladur, in 1986-88, and as chief of staff to two other Finance Ministers in 1993 and 1995-97. He was appointed Director of the Treasury in 1993. He is a graduate of both the Sciences Po and the Ecole Nationale d’Administration (ENA).