Past Event

Has the ECB’s LTRO stopped the Eurozone’s vicious cycle?

Please note the changed schedule compared to previous sessions. The unprecedented three-year long-term refinancing operations (LTRO) carried out by the European Central Bank since December have had more positive market impact than many observers initially expected, but the Eurozone periphery remains at risk of a vicious circle of fiscal and economic contraction. Our session of […]

Date: Apr 18 - Topic: Banking and capital markets

Please note the changed schedule compared to previous sessions.

The unprecedented three-year long-term refinancing operations (LTRO) carried out by the European Central Bank since December have had more positive market impact than many observers initially expected, but the Eurozone periphery remains at risk of a vicious circle of fiscal and economic contraction. Our session of the Finance Focus Breakfast series this month will discuss the impact of LTRO on Europe’s economy and financial system with two highly knowledgeable experts, both combining private-sector and Eurosystem experience.

Speakers

Huw Pill joined Goldman Sachs as a Managing Director in August 2011 from the European Central Bank. A graduate in Politics, Philosophy and Economics from University College, Oxford, and PhD in Economics from Stanford University, he first worked at the Bank of England and joined Harvard Business School in 1995. He worked at the ECB in 1998-2001 as Head of Monetary Policy Strategic Policy Issues, then came back to HBS, and returned to the ECB as Head of the Monetary Policy Stance Division (2004-09) and Deputy Director-General for Research (2009-2011).

Pierre Wunsch became a Director of the National Bank of Belgium in June 2011. A graduate from Princeton University and Université Catholique de Louvain (PhD in Economics), he first worked in academic institutions including CORE and FUSL in Belgium and CREST/INSEE and DELTA in Paris, then held regional (Brussels) and federal economic policy positions in Belgium from 1995 to 2001. He later joined the Tractebel/Electrabel Group (2001-2008), and the staff of Belgium’s Finance Minister Didier Reynders from 2008 to 2011.

The discussion was moderated by Nicolas Véron, Senior Fellow at Bruegel and Visiting Fellow at the Peterson Institute for International Economics.

Event materials

  • Has the ECB’s 3-year LTRO arrested the Euro area’s vicious cycle(s)?, presentation by Huw Pill FILE
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Blog Post

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