Lorenzo Bini Smaghi

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Lorenzo Bini Smaghi

Lorenzo Bini Smaghi (born November 29, 1956 in Florence ) is an Italian economist. Until the end of 2011 he was a member of the Executive Board of the European Central Bank .

Life

In 1974 Lorenzo Bini Smaghi graduated from the French-speaking high school in Brussels . Four years later he successfully completed his economics studies at the Université catholique de Louvain . In 1980 he received a Masters from the University of Southern California . In 1982 he did an internship at the Central Banking Department of the International Monetary Fund in Washington. He then worked from 1983 to 1988 as an economist at Banca d'Italia in the field of international relations. A Ph.D. Lorenzo Bini Smaghi received from the University of Chicago in 1988 . In the same year he was appointed Head of Exchange Rates and International Trade at Banca d'Italia. In 1994 he moved to the newly founded European Monetary Institute in Frankfurt am Main, where he was head of the Politics department. In 1998 he became Deputy Director General for Research at the European Central Bank. He only held this position for a short time and in the same year became Director General for International Financial Relations at the Italian Ministry of Economy and Finance , where he worked until May 2005. In 2001 he became president of the Italian export credit agency SACE and a member of the board of Finmeccanica SpA and the MTS financial transaction system.

In June 2005 he was appointed a member of the Executive Board of the European Central Bank. Bini Smaghi's place on the Board of Directors has been the subject of tough negotiations as ECB President Jean-Claude Trichet vacated his chair on October 31, 2011 and was replaced by Italy's former central bank chief Mario Draghi . Without Bini Smaghi's voluntary resignation, two Italians would be represented on the ECB's Executive Board, but no French. According to an informal rule, the four largest euro economies Germany, France, Italy and Spain are to be permanently represented in the Executive Board of the ECB. Bini Smaghi's term of office on the ECB's Executive Board runs until the end of May 2013. With the appointment of Ignazio Visco as the new head of the Italian central bank by Silvio Berlusconi in October 2011, it was initially unclear whether Bini Smaghi would actually resign voluntarily. In November 2011, Bini Smaghi announced that he would switch to science.

In October 2011, Lorenzo Bini Smaghi commissioned the ECB to issue an internal legal opinion on whether it was possible to “pool” the gold and currency reserves. This would have meant that special drawing rights of the International Monetary Fund (IMF), which belong to the reserve of the central banks in addition to gold and foreign exchange, flow into a special purpose vehicle in order to increase the effectiveness of the euro rescue fund EFSF. The gold reserves of the Deutsche Bundesbank would also have been affected. This plan was rejected by Jens Weidmann , President of the Deutsche Bundesbank. There are reservations about the brash approach taken by the Italian in the euro crisis.

At the end of 2011, Bini Smaghi left the Executive Board of the ECB to move to the elite University of Harvard as a professor .

Lorenzo Bini Smaghi is married and has two children.

Bini Smaghi has been Chairman of the French bank Société Générale since January 2015 .

Works

Books

  • L'Euro , Il Mulino, Bologna, 1998 (third edition: 2001).
  • Open Issues in European Central Banking , Macmillan, London, 2000 (with D. Gros).
  • Chi Ci Salva dalla Prossima Crisi Finanziaria? , Il Mulino, Bologna, 2000.

Essays

  • "The Effectiveness of Monetary Policy: An Empirical Investigation for Italy (1966-1981)", Giornale degli Economisti e Annali di Economia, pp. 679-690, September - October 1983 (with P. Tardini).
  • "Have Exchange Rates Varied Too Much With Respect To Market Fundamentals?", Giornale degli Economisti e Annali di Economia, pp. 45-54, January-February 1985.
  • "Dinamica dei Tassi di Cambio e Interventi", Giornale degli Economisti e Annali di Economia, pp. 619–638, November - December 1985.
  • "Politica Fiscale, Debito Estero degli Stati Uniti e Tasso di Cambio del Dollaro", Quaderni Sardi di Economia, No. 2/3, pp. 225-240, 1986.
  • “La Bilancia dei Pagamenti degli Stati Uniti e il Tasso di Cambio del Dollaro”, Temi di Discussione, No. 58, Banca d'Italia, January 1986.
  • “Le Tensioni Commerciali nello SME; il Ruolo delle Politiche di Cambio e della Convergenza Economica ”, Contributi all'Analisi Economica, No. 2, pp. 7-67, Banca d'Italia, December 1986 (with S. Vona).
  • "La Rivoluzione della Nuova Macroeconomia", Quaderni Sardi di Economia, No. 1/2, pp. 15-28, 1987.
  • "Economic Growth and Exchange Rates in the European Monetary System: Their Trade Effects in a Changing External Environment", in: The European Monetary System, edited by F. Giavazzi, S. Micossi and M. Miller, Cambridge University Press, London, 1988 (with S. Vona).
  • "The Effects of Economic Convergence and Competitiveness on Trade among the EMS Countries", in: Macroeconomic Policy and Economic Interdependence, edited by D. Hodgman and G. Woods, McMillan, London, 1988 (with S. Vona).
  • “La Coesione dello SME e il Ruolo dei Fattori Esterni: un'Analisi in Termini di Commercio Estero”, Giornale degli Economisti e Annali di Economia, pp. 1-44, January - February 1988 (with S. Vona).
  • "Target Zones vs. Real Exchange Rate Rules: Comparative Dynamics ", European Journal of Political Economy, Vol. 5, pp. 501-517, 1989.
  • "Fiscal Prerequisites for Further Monetary Convergence in the EMS," BNL Quarterly Review, No. 169, pp. 165-190, June 1989.
  • "Managing Exchange Markets in the EMS with Free Capital", BNL Quarterly Review, No. 171, pp. 395-530, December 1989 (with S. Micossi).
  • “Il Ruolo delle Esportazioni nel Processo di Crescita e Aggiustamento dei PVS”, in: Il Difficile Sentiero del Riequilibrio: L'Economia Internazionale negli Anni Ottanta, edited by S. Micossi and S. Vona, Il Mulino, Bologna, 1990 (with D . Porciani and L. Tornetta).
  • “Le Esportazioni dai Paesi in Via di Sviluppo”, Politica Internazionale No. 1/2, pp. 101–121, 1990 (with D. Porciani and L. Tornetta).
  • "Monetary and Exchange Rate Policy in the EMS with Free Capital", in: The European Monetary System in the 1990s, edited by P. De Grauwe and L. Papademos, Longman, London, pp. 120–155, 1990 (with p. Micossi).
  • "Progressing towards European Monetary Unification: Selected Issues and Proposals", Temi di Discussione, No. 133, Banca d'Italia, March 1990.
  • "L'Unione Economica e Monetaria: il Dibattito delle idee", Impresa e Banca, pp. 18-22, September 1990.
  • "From the Werner Report to the Rome Intergovernmental Conference: the Long Road towards European Monetary Unification", ECU Newsletter, pp. 5-7, October 1990.
  • "Concorrenza, Egemonia e Unificazione Monetaria", Politica Economica, Vol. VI, No. 3, December 1990 (with S. Vori).
  • "Liberalizzazione Valutaria e Apprezzamento del Cambio: Ma è 'Veramente un Paradosso?", Quaderni Sardi di Economia, No. 1/2, 1991.
  • "Exchange Rate Variability and International Trade: Why is it so Difficult to Find any Empirical Relationship?", Applied Economics, Vol. 23, pp. 927-936, 1991.
  • "Monetary Institutions and Monetary Sovereignty in the EMU", in: A Currency for Europe, edited by J. Driffil and M. Beber, Lothian Foundation Press, London, 1991.
  • "Institutional Developments toward a Single European Monetary Policy," Greek Economic Review, Vol. 3, No. 2, pp. 173-200, December 1991.
  • "Rating the EC as an Optimal Currency Area: Is it Worse than the US?", In: Finance and the International Economy, No. 6, The Amex Bank Review Price Essays, edited by R. O'Brian, Oxford University Press, 1992 (with S. Vori).
  • "Exchange Rate Dynamics and Capital Mobility", Economic Notes, Vol. 21, No. 1, 1992.
  • "Waiting for EMU: Living with Monetary Policy Asymmetries in the EMS", Temi di Discussione, No. 168, Banca d'Italia, April 1992.
  • “Istituzioni Politiche e Debito Pubblico: un Commento, Teoria Economica e Analisi delle Istituzioni”, edited by R. Artoni, Il Mulino, Bologna, 1993.
  • "Discussion on Economic and Monetary Union: Critical Notes on the Maastricht Treaty", in: Adjustment and growth in the European Monetary Union, edited by F. Torres and F. Giavazzi, Cambridge University Press, Cambridge, pp. 28-36, 1993 .
  • "Is there a Triffin Dilemma for the EMS?", Open Economies Review, Vol. 4, No. 2, pp. 175-188, 1993 (with S. Vori).
  • “L'Unione Economica e Monetaria”, Politica internazionale, No. 1, January - March 1993.
  • “Aree Valutarie Ottimali e Politiche di Aggiustamento”, in: Unione Europea e Squilibri Regionali, edited by D. Pettenati, Il Mulino, Bologna, 1994.
  • "Monetary Stability, A Pre-condition for Economic Stability in the European Union", ECU Activities, pp. 47-50, 1994.
  • “The Transition to EMU in the Maastricht Treaty”, Princeton Essays in International Finance, No. 194, 1994 (with T. Padoa-Schioppa and F. Papadia).
  • "EMS Discipline: Did It Contribute to Inflation Convergence?", BNL Quarterly Review, June 1994.
  • "The 1992-93 EMS Crisis: Assessing the Macroeconomic Costs", in: European currency crises and after, edited by C. Bordes, E. Girardin and J. Melitz, Manchester University Press, Manchester, pp. 28-52, 1995 ( with O. Tristani).
  • "Convergence of Inflation: A Necessary Prerequisite for EMU?", In: Open Economies Review, Vol. 7, pp. 117-126, 1996 (with P. Del Giovane).
  • "Convergence of Inflation and Interest Rates Prior to EMU: An Empirical Analysis," Journal of Policy Modeling, Vol. 18, No. 4, pp. 377-395, 1996 (with P. Del Giovane).
  • "L'Unione Monetaria e 'Unione Politica", in: Il Mulino, No. 373, pp. 944–950, September - October 1997.
  • "The Democratic Accountability of the European Central Bank," BNL Quarterly Review, June 1998.
  • “Financial Stability”, Credit and Capital , 2000 (with D. Gros).
  • "Monetary and Fiscal Policy Co-operation: Institutions and Procedures in EMU", Journal of Common Market Studies, Vol. 38, No. 3, pp. 375-391, September 2000 (with C. Casini).
  • "Towards a Truly European Financial Market", The International Spectator, Vol. XXXV, No. 4, pp. 21-25, October-December 2000.
  • "Euro", Iter Treccani (Scuola cultura società), anno IV, No. 13, pp. 14-18, October - December 2001.
  • "Why Enlarge the EU? A Look at the Macroeconomic Implications, "The International Spectator, Vol. XXXVII, No. 2, pp. 51-63, April-June 2002.
  • “Fiscal Discipline and Policy Coordination in the Eurozone”, in: Budgetary Policy in EMU: Design and Policy Challenges, The Hague, Ministry of Finance, May 2002.
  • "How to Improve Economic Governance. The Coordination of Macroeconomic Policies in Europe “, Aspen European Dialogue, February 2003 (with G. Tabellini).
  • "The Governance of the International Financial System", in: The Future of the International Monetary System, edited by M. Uzan, Elgar, 2004.
  • "The G8's role in Promoting Financial Stability", in: The G8, The United Nations and Conflict Prevention, edited by J. Kirton and R. Stefanova, Ashgate Publishing, pp. 143–156, 2004.
  • “A Single European Seat in the IMF?”, Journal of Common Market Studies, Vol. 42, No. 2, pp. 229–248, June 2004.
  • “What Went Wrong with the Stability and Growth Pact?”, In: Monetary Union in Europe - Historical Perspectives and Prospects for the Future, edited by PB Sørensen, DJOF Publishing, Copenhagen, 2004.
  • "IMF Governance and the Political Economy of a Consolidated European Seat", in: EM Truman (Ed.), Reforming the IMF for the 21st Century. Special Report 19. Institute for International Economics, Washington DC, pp. 233-255, April 2006.
  • "Powerless Europe. Why is the Euro Area Still a Political Dwarf? ”, International Finance 9: 2, pp. 1-19, 2006.
  • "Economic Forecasting and Monetary Policy", 80 Years of Business Cycle Studies at DIW Berlin, quarterly economic research. 75th volume, issue 2/2006, Duncker & Humblot Berlin, pp. 54–64, 2006.
  • "Revisiting the European Monetary System Experience: Were Some Members More Equal than Others?", In: Economic Notes, Banca Monte dei Paschi di Siena SpA, Vol. 35, No. 2, pp. 151–171, 2006 (with Giovanni Ferri ).
  • "Global Imbalances and Monetary Policy", in: Journal of Policy Modeling, No. 29, pp. 711–727, 2007.
  • "Independence and Accountability in Supervision: General Principles and European Setting", in: Designing Financial Supervision Institutions, edited by Donato Masciandaro and Marc Quintyn, Elgar, pp. 41–62, 2007.

Web links

Individual evidence

  1. ↑ Bini Smaghi leaves ECB article in FAZ Online of November 10, 2011, accessed January 3, 2012
  2. ↑ National debt crisis - Bundesbank defends gold and currency reserves Article in FAZ Online from November 8, 2011, accessed November 8, 2011
  3. ↑ FTD Online: Bini Smaghi leaves the ECB ( Memento of November 12, 2011 in the Internet Archive ) Article on FTD Online of November 10, 2011, accessed November 10, 2011
  4. ↑ SocGen appoints former ECB board member Bini Smaghi Chairman. In: bloomberg.com. January 19, 2015, accessed December 31, 2016 .
personal data
SURNAME Bini Smaghi, Lorenzo
BRIEF DESCRIPTION Italian banker, member of the Board of Directors of the European Central Bank
DATE OF BIRTH November 29, 1956
PLACE OF BIRTH Florence