Dirk Schoenmaker is a Non-Resident Fellow at Bruegel. He is also a Professor of Banking and Finance at Rotterdam School of Management, Erasmus University Rotterdam and a Research Fellow at the Centre for European Policy Research (CEPR). He has published in the areas of sustainable finance, central banking, financial supervision and stability and European financial integration.
Dirk is author of ‘Governance of International Banking: The Financial Trilemma’ (Oxford University Press) and co-author of the textbooks ‘Financial Markets and Institutions: A European perspective’ (Cambridge University Press) and ‘Principles of Sustainable Finance’ (Oxford University Press). He earned his PhD in economics at the London School of Economics.
Before joining RSM, Dirk was Dean of the Duisenberg school of finance from 2009 to 2015. From 1998 to 2008, he served at the Netherlands Ministry of Finance. In the 1990s, he served at the Bank of England. He is a regular consultant for the IMF, the OECD and the European Commission.
Disclaimer of external interests
To contribute more to the green transition, companies should start to make investment decisions based on integrated-value assessment.
The European Central Bank portfolio is skewed towards the brown economy, reflecting a bias in the market.
"The current design of green bonds means they aren't fulfilling their potential. We propose an alternative: issuance of regular bonds with attached gr
Europe has a heavily bank-based financial structure, but bank-based financial structures are associated with higher systemic risk than market-based fi
The impact economy model is well-positioned to find an appropriate balance across all three pillars: economic, social and environmental.
Though outside the euro area, Denmark and Sweden could benefit from joining the European Union’s banking union.
What remedies and lessons for the insurance sector in the time of pandemic?
Government policy faces various challenges. Before the COVID-19 outbreak, the European Union set ambitious targets to reduce carbon emissions. Now in
We had not seen a common challenge as clear as this pandemic. The sum of national actions and programs is likely to be insufficient.
What connections exist between central banks and climate change, and what are the resulting implications?
This article examines whether there are regional differences in house price growth within European countries and find a stronger cyclical pattern in c
How can finance help save the planet?
The ECB’s market-neutral approach to monetary policy undermines the general aim of the EU to achieve a low-carbon economy. An alternative tilting appr
The author proposes a tilting approach to steer the allocation of the Eurosystem’s assets and collateral towards low-carbon sectors, which would reduc
Which steps are needed to really change current practices and speed up sustainable finance?
Sustainable investment is gaining momentum in Europe, but its current proposed taxonomy might hinder innovation in the field. In this Policy Contribut
As the European economy recovers from the global financial crisis, bank mergers are back on the agenda. While cross-border mergers have been predicted
What are the major challenges of central banks today? This book discusses the developing role of central banks and the policies they pursue in seeking
Deposit insurance, like any insurance scheme, raises moral hazard concerns.
Climate change is a relevant risk factor for the banking sector, but the European Commission's plan to lower capital requirements for greener investme
The organisation of the European Supervisory Authorities (ESAs) is based on a sectoral approach with one ESA for each sector, with separate authoritie
Two of the banking union’s pillars – common European supervision by the European Central Bank and common European resolution by the Single Resolution
Rapidly rising house prices are a well-known source of financial instability. This Policy Contribution examines whether there are regional differences
What is the role of sustainable finance in reaching the Paris Climate goals? What are the specific proposals towards this goal and which are the chall
Scandinavian banking giant is moving to Finland. This is not just a flight from increasing taxes and tighter regulation in its current home, Sweden. N
The Annual Meetings are Bruegel’s flagship event.
We need to move towards more sustainable, long-term thinking in the corporate and financial worlds. Coalitions of willing actors could play a role in
Traditional finance focuses on financial return, considering the financial sector separate from both society and the environment. In contrast, sustain
Traditional finance focuses solely on financial return and risk. By contrast, sustainable finance considers financial, social and environmental return
As regulators rush to strengthen banking supervision and implement bank resolution regimes, a macro approach to resolution is needed that considers bo
English common law is the choice of law for financial contracts, even for parties in EU members with civil law systems. This creates a lucrative legal
Many voices are calling for the ESM to be developed into a fully-fledged European Monetary Fund. But what changes would this entail, and how could the
Dirk Schoenmaker conducts a comparative analysis of global systemically important banks (G-SIBs) and examines their evolution (Note: this paper is ava
Dirk Schoenmaker's chapter in 'The Palgrave Handbook of European Banking', a handbook that collates the expertise and research of leading academic and
As the Commission launches a review of European financial supervision, the authors argue that Europe needs to move towards a twin peaks model – dividi
Banks’ sovereign bond holdings were at the heart of the euro-sovereign crisis. The concentration of domestic bonds created a vicious cycle between gov
The global financial crisis allegedly led to the end of global banking. However, Dirk Schoenmaker finds that reports of the demise of global banking a
Zsolt Darvas and Dirk Schoenmaker find strong support for the hypothesis that the larger the assets managed by institutional investors, the smaller th
Brexit offers EU-27 countries a chance to take some of London’s financial services activity. But there is also a risk of market fragmentation, which c
Brexit will lead to a partial migration of financial firms from London to the EU27. This Policy Contribution provides a comparison between London and
The EU27 needs to upgrade its financial surveillance architecture to minimise the financial market fragmentation resulting from Brexit
How can we connect the different initiatives for NPL resolution and identify an agenda that is shared between EU, national authorities and the private
House prices in the Netherlands are on the rise again. But at the local level the pattern is very uneven: house prices in major cities are rising fast
The purpose of this report is to provide a comprehensive overview of capital movements in Europe in a global context.
What are the arguments for and against centralisation of insurance supervision? What would be the scope of a possible insurance union, and what would
Following the financial crisis, the question of how to handle a big bank’s collapse has come to the fore. This Policy Contribution evaluates the obsta
This paper evaluates the obstacles to resolvability that the legal and operational structures of the large
euro-area banks could present, assuming th
How can we integrate supervisory stress tests with the Basel III framework in a macroprudentially coherent and transparent manner?
Reform of the European Union financial supervisory and regulatory architecture and its implications for Asia
This Working Paper reviews recent developments in the EU’s financial supervisory and regulatory architecture with a view to draw out lessons for regi
After Brexit, several major cities across the EU27 are looking to take over London's financial activity. While there are plenty of benefits in hosting
The European Commission held a public hearing on the review of the eu macro-prudential framework on 7 November 2016.
The cross-border insurance sector is becoming increasingly strong in Europe. This event looks at the current cooporation between national insurance su
Climate change presents a growing threat to financial stability. This seminar looked at how the European Union could respond by delivering a Green Cap
This Policy Contribution outlines a fiscal cost scenario for the recapitalisation of large banks
during a severe systemic crisis.
Directly after the great financial crisis, the Basel Committee demanded straight equity as regulatory capital, as several debt forms of regulatory cap
UK House of Lords EU Sub-Committee on Financial Affairs' call for evidence on the future of Financial Services in the UK following the vote to leave t
The Annual Meetings are a high point in Bruegel's calendar.
The Annual Meetings are a high point in Bruegel's calendar.
It is the right time to revive the proposal made 10 years ago by Bronislaw Geremek and Jean-Didier Vincent to create a truly European University in th
If the UK cannot secure a ‘Norway’ deal and stay within the internal market, the UK will lose passporting rights for financial services and access to
If the UK cannot secure a “Norway” deal and stay within the internal market, the UK will lose the passporting rights which make London attractive as a
After its first 18 months, how has the SSM affected the European banking system?
The new European banking supervision system is broadly effective and, in line with the claim often made by its leading officials, tough and fair, but
The Blueprint provides a review of the first 18 months of European banking supervision. It reviews the overall situation and the
situation in a numbe
The current unsustainable use of our environment can lead to financial crisis. To address this risk, financial institutions should measure their exp
Europe’s banks are in retreat from playing a global investment banking role, and this trend is likely to continue in the future. What will be the cons
Joining the banking union could provide a stable arrangement for managing financial stability for the UK and other non-Euro countries.
To address coordination failures between national institutions regulating banks, we need supranational policies. Banking union encourages further int
This paper analyses the banking linkages between the nine ‘outs’ and 19 ‘ins’ of the banking union. It finds that the out countries could profit from
Have Central Banks lost their ability to control domestic inflation? Are macroprudential tools sufficient to ensure financial stability? Do new moneta
Extreme climate events related to global warming will happen somewhat randomly and could have a huge cost for the most vulnerable countries. A global
While there is now consensus that financial supervision has to focus on the aggregate (macroprudential), in addition to the individual (microprudentia
The Five Presidents’ report published in July 2015 argues that completing the banking union should be one of the most immediate steps of the broader p
The idea of Banking Union has been instrumental in arresting the euro sovereign crisis. However the long-term rationale behind Banking Union is relate
As Cyprus looks ahead to post-bailout growth, what lessons have been learnt from the crisis and subsequent bank restructuring?
The aim of this blog post is to clarify different options of how to organize European deposit insurance without yet settling on the best option. We a
Bruegel's Annual Conference is a closed-door event with three panel discussions on banks and capital markets, growth perspectives, and monetary policy