SAFE Policy Lecture: Lorenzo Bini Smaghi (Société Générale)
Title: Reforming EMU: Is there a Role for Economists?
Speaker: Lorenzo Bini Smaghi, Chairman of the Board, Société Générale, Former Member of the Board, ECB
Discussant: Hans-Helmut Kotz, SAFE and Harvard University
In response to the European Financial Crisis, the architecture of Europe’s economic and monetary union has been substantially redesigned. In particular, the introduction of a Europeanized supervision of banks as well as a common approach to their restructuring or resolution has made EMU more resilient. Still, it is almost unanimously held that this new set-up could not stand up to a substantial shock. However, suggestions about the appropriate measures to be taken in order to make EMU viable are highly contentious. In politics, a North-South divide becomes ever more obvious. How can economists contribute to enlightening this debate?
Lorenzo Bini Smaghi is Chairman of the Board of Société Générale, Paris, as well as Chairman of the Board of Italgas, Milano. He has been a Visiting Fellow of Harvard’s Weatherhead Center and is a Senior Fellow of the LUISS School of European Political Economy, Rome. From June 2005 to December 2011 he was a Member of the Executive Board of the ECB. During that period he acted as G7 and G20 Deputy for the euro area. He started his career as an Economist in the Research Department of the Banca d’Italia (in 1983) and became Head of the Policy Division of the European Monetary Institute (in 1994) and then Director General for International Affairs in the Italian Treasury (in 1998). He holds a Bachelor’s Degree in Economics from the Université Catholique de Louvain (Belgium), a Master’s degree from the University of Southern California; and a Ph.D from the University of Chicago. He is author of numerous articles and several books on international and European monetary and financial issues.