The Eagle Eye of the ECB: The Role of the ECB in the Recovery of the Euro-area, past, present and future

IIEA14th October 20202min
Yves Mersch discusses the role of the ECB's monetary policy measures in mitigating the impacts of the COVID-19 crisis and, beyond the crisis, will identify measures to shore up the Euro-area to make it resilient for the future.


In conversation with Patrick Honohan, Yves Mersch discusses the role of the ECB’s monetary policy measures in mitigating the impacts of the COVID-19 crisis, in fostering the Recovery of the Euro-area and, looking beyond the crisis, identifies measures to shore up the Euro-area to make it resilient for the future. He will provide some reflections on legal and economic responses to the issue of the proportionality of the public sector purchase programme and on the debate about the longevity of this generous programme, initiated by the ECB.

Looking to the future, he will discuss the disruptive effects of technology on banking, such as the possible creation of central bank digital currencies in the future. He will conclude by sharing his views on how to maintain and reinforce accountability and personal responsibility of managers in the banking sector in relation to the role of the board of directors, and how to raise the bar in this regard, while taking account of the difficulties presented by the myriad of different systems in the Member States.

About the Speaker:

Yves Mersch was appointed to the Executive Board of the ECB in 2012 when serving his third term as Governor of the Central Bank of Luxembourg, a position he had held since 1998. In 2019, he was appointed Vice-Chair of the ECB’s Supervisory Board. Before setting up his country’s central bank, he represented his country in the International Monetary Fund, World Bank, European Investment Bank and other multilateral organisations, as well as in private companies, where he has been globally active in both financial and industrial areas. Mr Mersch holds postgraduate degrees in political science from Paris Sorbonne, and law from Paris Panthéon University. He is the longest-serving member on the ECB’s Governing Council.