Atlantic Council, 1030 15th Street NWWashington, DC CLICK HERE TO VIEW THIS WEBCAST
The European Stability Mechanism- A firewall for the Eurozone and first line of defense for Global Financial Stability?Introduced by:Andrea MontaninoC. Boyden Gray Fellow on Global Finance and Growth
Director, Global Business & Economics Program
Atlantic CouncilA Conversation with:Klaus ReglingManaging Director
European Stability MechanismModerated by:Jeanna SmialekEconomic Reporter
As the European Union (EU) celebrates its 60th Anniversary this year, it is surrounded by economic and political crises posing formidable challenges to the Union itself. One of the most pressing issues that has confronted the EU is the Eurozone crisis which has produced economic turmoil, shaken global financial institutions, and called the feasibility of the euro into question. The Eurozone crisis prompted the establishment of the European Stability Mechanism (ESM), an intergovernmental organization dedicated to the provision of rapid financial assistance to EU member states in times of acute financial emergency which has provided necessary stability during turbulent times. Mr. Klaus Regling was integral in the establishment of the ESM and currently serves as its first Managing Director. In his discourse, Mr. Regling will address the instrumental role played by the ESM in preserving the euro throughout the crisis, recent improvements in the situation within the Eurozone, and the manner in which the ESM works in concert with international organizations, such as the International Monetary Fund, in fortifying the Global Financial Stability Net (GFSN). The event will feature a moderated discussion between Mr. Regling and Ms. Jeanna Smialek of Bloomberg News and a question/answer session.
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is a C. Boyden Gray Fellow on Global Finance and Growth and serves as director of the Global Business and Economics Program at the Atlantic Council and. He leads the Council's work on global trade, growth, and finance. Montanino formerly acted as executive director of the International Monetary Fund (IMF), representing the governments of Italy, Albania, Greece, Malta, Portugal, and San Marino. Before joining the IMF, he was a career officer in the Italian Ministry of Finance from 2006 to 2012. He also previously spent four years (2001-05) at the European Commission in the Directorate General for Economic and Financial Affairs, where he worked on the reform of the EU budgetary rules and was responsible for the long-term sustainability analysis of European countries.Klaus Regling
is the current and first Managing Director of the European Stability Mechanism. The Managing Director of the ESM is appointed by the Board of Governors for a renewable term of five years. Regling is also the CEO of the European Financial Stability Facility (EFSF), a position he has held since the creation of the EFSF in June 2010. He spent a decade with the IMF in Washington and Jakarta and a decade with the German Ministry of Finance where he prepared Economic and Monetary Union in Europe. From 2001 to 2008, Regling served as Director General for Economic and Financial Affairs of the European Commission. Previously, Mr. Regling had gained experience in the private sector as Managing Director of the Moore Capital Strategy Group in London (1999-2001) and as an economist with the German Bankers’ Association.Jeanna Smialek
is an Economics reporter at Bloomberg News covering topics relating to the Federal Reserve and the greater economy. Previously, she worked as a reporter analyzing economic indicators as part of Bloomberg’s US economics team. Prior to joining Bloomberg, Smialek worked at the Raleigh News & Observer covering topics relating to business. Back