Scholars

Alexander Lehmann

Non-resident fellow

Expertise: EU banking and capital markets union, innovation and sustainable finance, and emerging markets

Alexander Lehmann, a German citizen, joined Bruegel in 2016 and is now a non-resident fellow. His work at Bruegel focuses on EU banking sectors and how private debt and non-performing loans can be addressed in the aftermath of recessions. Work on EU capital market development now also comprises the EU sustainable finance agenda. Currently he is also a lecturer at the Frankfurt School of Finance, and an adviser to a number of central banks and governments in eastern Europe.

Until 2016 Alex was the Lead Economist with the European Bank for Reconstruction and Development (EBRD) where he headed the strategy and economics unit for central Europe and Baltic countries. From the Bank’s regional office in Warsaw he coordinated policy dialogue with governments and central banks in the region. Previously, he was an official at the International Monetary Fund, a consultant for the World Trade Organisation and the central Bank of Mexico, and worked in research and teaching positions at the Royal Institute of International Affairs (Chatham House) and the London School of Economics. He has published on trade and competition policies, and on financial regulation and banking policies in the Euro area and emerging markets. He holds an MSc in economics from the London School of Economics and a PhD from Oxford University.

Declaration of interests 2019

Declaration of interests 2018

Declaration of interests 2017

Declaration of interests 2016

Contact information

[email protected]

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Upcoming Event

Feb
9
14:00

Mobilising equity finance for Europe’s recapitalisation challenge

At this invitation-only event the panellists and invited audience will discuss what sources of equity finance can help Europe emerge from the recession.

Speakers: Alexander Lehmann, Thomas Wieser, Laurent Zylberberg, James Chew and Katja Langenbucher Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Upcoming Event

Feb
11
12:00

Building back greener: sustainable finance and the Green Deal

How could additional regulation incentivise investment while upholding the integrity of sustainable finance?

Speakers: Klaas Knot, Alexander Lehmann, Isabelle Mateos y Lago and Sean Kidney Topic: Energy & Climate, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Blog Post

Economic recovery after COVID-19 requires a clear vision for a healthy banking sector

The EU framework for crisis management and state aid in the banking sector urgently needs updating.

By: Alexander Lehmann and Reiner Martin Topic: Finance & Financial Regulation Date: December 16, 2020
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Blog Post

Common eurobonds should become Europe’s safe asset – but they don’t need to be green

The plan to fund the European Union’s recovery programme via debt issuance has raised hopes that a new type of euro-denominated safe asset could emerge. As a priority, the European Commission needs a strategy to create a liquid and transparent market in EU bonds. For now, funding through EU green bonds would complicate that effort.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: September 28, 2020
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Policy Contribution

Emerging Europe and the capital markets union

The European Union's capital market union needs a revamp because of Brexit and the deep recession, and to underpin the European Green Deal. In particular, equity capital in the countries of central and eastern Europe is underdeveloped. These countries should take measures to facilitate equity finance, accompanied by reform at EU level.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: September 17, 2020
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Blog Post

Private equity and Europe’s re-capitalisation challenge

Companies are struggling in the coronavirus crisis but solvency support provided by the European Union looks likely to be modest. This will make private equity more important in the recovery, and could create a springboard for longer-term reform to boost private equity.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: September 17, 2020
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Blog Post

Climate finance: an agenda for EU coordination with emerging markets

Addressing the challenge of financing the low-carbon transition will require substantial investment in the European Union and in emerging and developing economies. Sustainable finance frameworks have proliferated in advanced and emerging markets but fragmentation of financial flows due to different classification systems and standards for green financial instruments is a real risk. Ensuring consistency should be a core agenda for the new International Platform on Sustainable Finance.

By: Alexander Lehmann and Mark Plant Topic: Energy & Climate, Global Economics & Governance Date: September 9, 2020
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Blog Post

The impact of the crisis on smaller companies and new mechanisms for non-performing loans

The ongoing recession will result in a fresh surge in non-performing loans (NPLs) once payment holidays and moratoria end later this year. NPL investors played a valuable role in tackling the stock of problem loans from the last crisis, but in the aftermath of the current recession more complex financial restructuring will be needed. Governments should facilitate the refinancing of distressed but viable companies, possibly through a special regime for SMEs.

By: Alexander Lehmann and Bruegel Topic: Finance & Financial Regulation Date: July 22, 2020
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Blog Post

Climate risks to European banks: a new era of stress tests

Several European central banks have begun assessing the impact of adverse climate scenarios on banks’ capital. Comparable work at EU or euro area level has evolved more slowly. Supervisors need build up a distinct and more complex type of analysis, and should engage with banks now.

By: Alexander Lehmann Topic: Energy & Climate, Finance & Financial Regulation Date: February 4, 2020
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Blog Post

European green finance is expanding, a discount on bank capital would discredit it

If EU banks are to mobilise a greater share of loans for sustainable projects they will need a reliable policy framework, clear internal performance targets and the relevant skills. A discount on bank capital underlying such assets is neither justified nor likely effective. A comprehensive review of how climate risks are reflected in prudential regulation is nevertheless in order

By: Alexander Lehmann and Bruegel Topic: Energy & Climate Date: January 15, 2020
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External Publication

European Parliament

Impediments to resolvability of banks

This paper gives an overview of the seven aspects of resolvability defined in 2019 by the Single Resolution Board, and then assesses progress in two key areas, based on evidence gathered from public disclosures made by the 20 largest euro-area banks. The largest banks have made good progress in raising bail-in capital. Changes to banks’ legal and operational structures that will facilitate resolution will take more time. Greater transparency would make it easier to achieve the policy objective of making banks resolvable.

By: Alexander Lehmann and Bruegel Topic: European Parliament Date: December 18, 2019
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