External publication

Limiting the ECB's QE program via a treaty change: is there a need?

Analysis on possible ECB treaty mandate provided to the House of Representatives of the Netherlands.

Publishing date
14 January 2021


The study is available on the House of Representatives of The Netherlands' website. Copyright remains with the House of Representatives of The Netherlands at all times.


On January 11th 2021, the House of Representatives of The Netherlands published a paper on the economic and legal aspects of the ECB buy-back programs. Bruegel deputy director Maria Demertzis contributed to this study.

About the authors

  • Maria Demertzis

    Maria Demertzis is a Senior fellow at Bruegel and part-time Professor of Economic Policy at the Florence School of Transnational Governance at the European University Institute. She was Bruegel’s Deputy Director until December 2022. She has previously worked at the European Commission and the research department of the Dutch Central Bank. She has also held academic positions at the Harvard Kennedy School of Government in the USA and the University of Strathclyde in the UK, from where she holds a PhD in economics. She has published extensively in international academic journals and contributed regular policy inputs to both the European Commission's and the Dutch Central Bank's policy outlets. She contributes regularly to national and international press and has regular column that appears twice a month in various EU newspapers and on Bruegel’s opinion page.

  • Lex Hoogduin

    Lex Hoogduin is professor of complexity and uncertainty in financial markets and financial institutions at Groningen University. He is also CEO of GloComNet B.V., the network for social complexity and uncertainty, based in Hilversum, the Netherlands (www.glocomnet.com).

    In addition he is a non-executive board member of the London Stock Exchange Group (LSEG) and chairman of LCH Group , LCH Ltd and LCH SA. LCH is an international clearing house, based in London, Paris and New York. He is board member at LCH LLC (New York). LSEG has a majority stake in LCH.

    Lex is chairman of the supervisory board of CIR (Center for Integral Revalidation), a small company in the Dutch health care sector.

    During his career Lex has spent several periods at the Dutch Central Bank, in the last period from 2009-2011 as a member of the executive board. He has also been head of the research department and monetary and economic policy department. He has been the project leader of the merger of the Dutch central bank and the Dutch pension funds and insurance companies supervisor.

    From 1997-2001 Lex was advisor to Wim Duisenberg, the first president of the European Central Bank. From 2005-2009, he was chief economist of Robeco (an asset manager) and head of IRIS, the joint retail investment research company of Robeco and Rabobank.

  • Fabian Amtenbrink

  • Dirk Bezemer

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