De Guindos, responsible for financial stability and risk in the new ECB of Lagarde - La Provincia


The Spanish Luis de Guindos, vice president ofEuropean Central Bank (ECB), will continue to be responsible for ensuring financial stability in the euro area, as well as risk management after the distribution of functions that has been carried out within the executive board of the institution, after the recent incorporation of the Italian Fabio Panetta and the German Isabel Schnabel.

Guindos has been responsible for monitoring financial stability and issues related to macroprudential policies in the euro zone after becoming vice president of the ECB, in June 2018, although he has ceased to lead the research area of ​​the central bank, which will remain now under the responsibility of Schnabel.

Likewise, the Spanish representative on the board of the ECB will maintain responsibility for the area of ​​risk management, which he assumed for the first time last November along with the issuance of bills as a result of the resignation ofSabine Lautenschläger,who left the entity last October 31st.

However, this last assignment that fell on Guindos last November will now depend on the Italian Fabio Panetta, incorporated in January to replace the Frenchman Benoit Coeuré, whose term expired on December 31.

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On the other hand, Christine Lagarde, who assumed the presidency of the ECB instead of Mario Draghi on November 1, maintains the same functions within the bank's board of directors as its predecessor, including regarding communication, internal auditing, services management and Secretariat of the European Systemic Risk Board.

In turn, the IrishPhilip LaneHe will continue to serve as chief economist of the ECB and responsible for monetary policy, after provisionally taking charge since November of the area of ​​statistics of the ECB that previously served Sabine Lautenschläger and that from January will be the responsibility ofIsabel Schnabel

Luxembourg's Yves Mersch, for his part, will continue to be responsible for legal services within the ECB executive, as well as the vice presidency of the Supervisory Board.

Isabel Schnabel, who occupies the chair vacated by compatriot Sabine Lautenschläger and who was a member of the ECB since 2014 and until his appointment as executiveCouncil of Economic ExpertsThe Government of Germany, popularly known as 'the five wise men', will be responsible for the areas of statistics and research, in addition to the central bank's market operations.

For its part,Fabio PanettaHe will head the division in charge of supervising the payment systems in the eurozone and in the area of ​​international relations and at European level, in addition to being responsible for the issue of issuing euro bills and market infrastructure.

The new board of the ECB will be responsible for leading since January, together with the rest of the Governing Council of the entity, the review of the institution's strategy, the first that the ECB will carry out since 2003.

"There is nothing unusual or extraordinary in the strategic review," Christine Lagarde said in December, during her first press conference as president of the ECB. "It's been 16 years and it's legitimate to carry it out now," he argued.

In this sense, Lagarde explained that the review will be "exhaustive" and the members of the Government Council of the institution should "look under each stone", so it will take time, although he promised that the process could be completed by the end of 2020

The Frenchwoman added that the ECB's strategic review will seek to meet the challenges of the past 16 years, including, therefore, challenges such as those posed by technology, climate change or inequality. "We do not intend to preach the Gospel from a pulpit, but we will also listen," said the central banker.

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