Klaus Regling

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Klaus Regling (2016)

Klaus P. Regling (born October 3, 1950 in Lübeck ) has been the managing director of the EFSF (euro rescue fund) since September 2010 and the managing director of the ESM (permanent euro rescue fund) since September 2012 .

Life

He is the son of the Lübeck master carpenter and SPD - Bundestag deputy Karl Regling (1907-2003). He himself is non-party. In 2001 it was said that he was close to the CDU . After graduating from the Johanneum in Lübeck in May 1969, he studied economics in Regensburg and Hamburg.

From 1975 to 1980 he worked for the International Monetary Fund (IMF) in Washington. Initially, he worked in the research department and in the Africa department as part of the “young professional program”. In 1977 he worked in the preparatory group for the World Economic Outlook . He then worked briefly for the Association of German Banks (BdB). In 1981 he came to the Federal Ministry of Finance in the department for European currency affairs.

From 1985 to 1991 he worked again for the IMF. In Washington he held a leading position in the department for international capital markets and prepared the capital market reports. He negotiated IMF programs with African and Asian countries. He was involved in the debt restructuring of Morocco, the Philippines and Indonesia. In 1989 he became head of the IMF office in Jakarta, Indonesia.

In 1991, he returned to the Ministry of Finance under Federal Finance Minister Theo Waigel and State Secretary Jürgen Stark . There he was instrumental in drafting the European Stability and Growth Pact . From 1991 to 1993 he was the head of the Department for International Monetary Affairs. From 1993 to 1994 he was deputy head of the international currency and financial relations department. With Horst Köhler and Hans Tietmeyer , he was one of the key figures in the negotiations on the Maastricht Treaty .

From 1993 to 1998 he was Deputy Governor of the Inter-American Development Bank and the Asian Development Bank as well as a member of the supervisory board of Hermes Kreditversicherungs-AG . From 1995 he headed the department for European and International Currency and Financial Relations at the Ministry.

After the change of government in 1998 , Regling was put into temporary retirement by then Finance Minister Oskar Lafontaine at his own request . He then worked for two years as Managing Director of the Moore Capital Strategy Group in London, a large US hedge fund founded in 1989 by Louis Moore Bacon . Regling worked there for a year and a half with Philipp Hildebrand , who later became a member of the Board of Directors and President of the Swiss National Bank .

From 2001 to 2008 he was Director General for Economic and Financial Affairs at the European Commission . It was proposed by Chancellor Gerhard Schröder . When Germany and France exceeded the deficit limits in 2002 and 2003, the EU Commission initiated an excessive deficit procedure against Germany on his initiative ; Gerhard Schröder was angry. The conflict resulted in a reform of the regulations that came into force in summer 2005. The “strategic mind” behind this reform was Regling. In autumn 2005, Regling and currency commissioner Joaquín Almunia adjusted their relationship with the German government: even before the new federal government took office, modalities were agreed with Angela Merkel and her finance minister, Peer Steinbrück , that would bring the deficit back below the three percent mark. In 2008 Regling resigned from the EU service because he did not want to submit to the usual post rotation after seven years at the latest.

He has been a member of the Economic and Financial Committee of the European Union since 2001. Since then he has also been Deputy Governor for the EU at the European Bank for Reconstruction (EBRD) and a board member of the European Investment Bank (EIB).

Regling has been a Policy Fellow at private IZA since 2005 .

He was a member of the Federal Government's expert commission on the reform of the international financial markets (“New Financial Architecture”), chaired by Otmar Issing . In 2008 he pleaded for a major economic program, "for the first time in my professional life".

In 2008/2009 he was a lecturer at the Lee Kuan Yew School of Public Policy at the National University of Singapore .

From New Years to mid-June 2010, Regling was director of the hedge fund Winton Futures Fund Ltd. He is currently chairman of KR Economics, a consultancy he founded in September 2009 in Brussels. Among other things, he advised Singapore on a financial commitment in the euro area.

Since September 2010 and September 2012 Regling has been in charge of the euro rescue packages. Contrary to its assessment at the end of September 2010 that the consolidation measures in Ireland and Portugal at the time confirmed its “ central scenario ” of inactivity by the EFSF, Ireland submitted an application to use the umbrella.

In the dispute over EU bonds in early 2011, he was on the side of Luxembourg Prime Minister Jean-Claude Juncker .

In an interview with FAZ in June 2013, he advocates abolishing the "troika" of the International Monetary Fund (IMF), European Central Bank (ECB) and EU Commission in crisis aid for ailing euro countries in the long term. In the short and medium term, the IMF should stay on board because it has the greatest experience with aid programs. In the long run, the euro states would have to manage such programs themselves. He sharply criticized the IMF for its assessment of the previous aid to Greece: “The IMF makes the Stability Pact ridiculous and declares itself responsible for creating growth. In doing so, he not only creates a false contrast. Above all, he shows that he does not understand the rules of our monetary union. "()

criticism

According to some authors, Regling advocated the euro without any ideology. According to another opinion, he is a “ convinced ”, “ tough monetarist ” and belongs to the “ great promoters of neoliberal positions ”. He is accused of having “ Mr. Regling [was] responsible in the Treasury when the national debt reached new records from 1990 to 1993 "And " Between 2001 and 2008 the person responsible in Brussels was who had to monitor the Greek financial development and then came to terms with the faked figures " . Other sources accuse him of having "played a decisive role in weakening the pact " in 2005.

In 2010, he self-critically declared that it was “a mistake” “that we primarily looked at the state finances”, because the EU Commission should have monitored both public and private debt. He is not far from the French proposal for a European economic government .

Awards

Writings, speeches and interviews (selection)

Web links

Individual evidence

  1. ^ "Financial crisis: A Lübeck man should save Ireland" ( Memento of November 28, 2010 in the Internet Archive ), online portal of November 25, 2010 of the Lübecker Nachrichten .
  2. ^ Gerhard Krüger: Mister Euro rescue package. In: Ostsee-Zeitung . November 25, 2010, accessed January 28, 2011 .
  3. ↑ a b "Portrait: German Guardian of Stability" , Frankfurter Allgemeine Zeitung of November 20, 2003, accessed on October 8, 2012.
  4. ↑ a b c "Money meister" - European Voice of May 31, 2001, accessed on January 29, 2011.
  5. ↑ a b "What went wrong, Mr. Regling?" ( Memento of October 18, 2011 in the Internet Archive ), Neue Zürcher Zeitung of November 22, 2010, accessed on January 29, 2011.
  6. ↑ Ruth Berschens: “Euro rescue umbrella: In doubt for loyalty to principles” , Handelsblatt dated June 10, 2010, accessed on October 8, 2012.
  7. ↑ Christian Reiermann: "Official with principles" , Der Spiegel of February 9, 2002, accessed on October 8, 2012.
  8. ↑ a b c d Werner Mussler: European firefighter . Portrait: Klaus Regling. In: Frankfurter Allgemeine Zeitung . June 10, 2010.
  9. ↑ Peter Ehrlich: "Klaus Regling - Brussels' billion man" ( Memento from June 11, 2010 in the Internet Archive ), Financial Times Deutschland from June 9, 2010, accessed on January 29, 2011.
  10. ^ IZA: "Klaus Regling, Policy Fellow" , accessed on January 29, 2011.
  11. ↑ a b Lobby Control : “Unilateral Expert Groups on the Financial Crisis” , February 25, 2009, accessed on January 29, 2011.
  12. ↑ Gerold Büchner: "Portrait of Klaus Regling: The Savior of the Euro" , Frankfurter Rundschau from June 17, 2010.
  13. ↑ Bloomberg Businessweek , accessed January 29, 2011.
  14. ^ A b c Robert von Heusinger : "ECB: Der Euro-Retter" , Frankfurter Rundschau of December 30, 2010, accessed on January 29, 2011.
  15. ^ FAZ: Head of the euro crisis fund wants to abolish Troika
  16. ↑ Wolfgang Lieb : “Would you trust these financial experts?” , Pending pages from March 23, 2009
  17. ↑ Albrecht Müller: “ The Reform Lie ”, quoted from the Nachdenkseiten of December 9, 2005 , accessed on January 29, 2011.
  18. ↑ Thomas Fricke: "Krisensichere Viererbande" , Financial Times Deutschland of December 11, 2005, excerpts in the FTD-WirtschaftsWunder-Blogs ( memento of June 2, 2010 in the Internet Archive ), accessed on January 29, 2011.
  19. ↑ Joachim Jahnke: "Regling: Another financial goat who wants to be a gardener" , Infoportal Deutschland und Globalisierung from June 16, 2010, accessed on January 29, 2011.
  20. ↑ Mittelbayerische.de: Honors for young scientists . In: Mittelbayerische Zeitung . November 14, 2011 ( Mittelbayerische.de [accessed November 16, 2017]).
  21. ↑ State awards for highest EU representatives . Radio Slovakia International on May 2, 2014, accessed on December 4, 2016.
personal data
SURNAME Regling, Klaus
ALTERNATIVE NAMES Regling, Klaus P.
BRIEF DESCRIPTION German economist, CEO of the ESM and the EFSF
DATE OF BIRTH October 3, 1950
PLACE OF BIRTH Lübeck