THE ECB AND ITS

WATCHERS

The ECB and Its Watchers XVIII

Goethe University Frankfurt Campus Westend, Hörsaalzentrum

Frankfurt am Main Thursday, April 6, 2017

Organization: Institute for Monetary and Financial Stability and Center for Financial Studies

Organizer: Günter W. Beck

List of Participants Note: Conference badges are color-coded:

• Speakers, Chairs and Lead Questioners J Participants • Media Representatives • CFS and IMFS

Chairs and Speakers (in order of appearance on the program)

Beck Günter W. CFS and IMFS Draghi Mario European Central Bank Valla Natacha European Investment Bank and CAE Praet Peter European Central Bank Taylor John B. Stanford University Hatzius Jan Goldman Sachs Haliassos Michalis Goethe University Frankfurt Gaspar Vitor International Monetary Fund Schmidt Christoph M. R WI and German Council of Economic Experts Buti Marco European Commission Kotz Hans-Helmut CFS and Harvard University Lane Philip R. Central Bank of Ireland Laubach Thomas Board of Governors of the Federal Reserve System Nakaso Hiroshi Bank of Ja pan Fleming Sam Financial Times Wieland Volker IMFS and German Council of Economic Experts Williams John C. Federal Reserve Bank of San Francisco

The ECB and lts Watchers XVIII April 6, 2017

Lead Questioners, ECB, NCB, CFS, IMFS and Stiftung Geld und Währung (Current and Former) Board and Council Members

Binder Michael Breuer Rolf-E. Broyer Sylvain Broyer Claudia Callow Julian Engels Frank Garganas Nicholas C. Illing Gerhard Krauskopf Bernd Remsperger Hermann Schneider Stefan Seitz Franz Siekmann Helmut Stark Jürgen

Adam Klaus Afanasyeva Elena Alexandrovich Marchel Al-Haschimi Alexander Alice Servais Alimi Maxime Altissimo Filippo Alzola José Andreopoulos Spyros Andritzky Jochen Arruga Oleaga Inigo Assenza Tiziana Aul Norbert Bartsch Elga Basta Karim Beffy Pierre-Olivier Berge Didrich Bergner Matthias Bescond-Dumont Muriel Beyer Andreas Bijsterbosch Martin Bilke Laurent Bindseil Ulrich Bishop Stacie

IMFS and Goethe University Frankfurt Deutsche Bank Natixis Allianz SE Element Capital Union Investment Privatfonds Bank of Greece (Honorary Governor) LMU Munich Stiftung Geld und Währung, Dt. Bundesbank (ret.) IMFS, Dt. Bundesbank (ret.) Deutsche Bank Stiftung Geld und Währung, 0TH Amberg-Weiden IMFS Tübingen University, former Member of the Executive Board of the ECB

Participants

University of Mannheim Goethe University Frankfurt Jefferies International European Central Bank KU Leuven AXA Tudor Observatory Group European Central Bank German Council of Economic Experts European Central Bank CSC Node UBS Morgan Stanley III Capital Management Exane SFM UK Management Deutsche Bank Societe Generale European Central Bank European Central Bank Stone Milliner European Central Bank U.S. Consulate General Frankfurt

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The ECB and Its Watchers XVIII April 6, 2017

Blattner Tobias Bletzinger Tilman Bloos Martin Michael Bögli Martin Bosom worth Andrew Branka Markovic Breen Karin Bröck-H unecke Susanne Broda Christian Burgert Matthias Büsser Muriel Buttiglione Luigi Cailloux Jacques Calza Alessandro Carl-Christoph Hedrich Cars Hommes Castillo Sonsoles Catenaro Marco Cena Mariano Cippà Roberto Cluse Reinhard Codogno Lorenzo Constantinescu Livia Cour- Thimann Philippine Crowe Christopher De Bock Reinout Dedola Luca Defend Monica Delli Gatti Domenico De Vries Casper Dijs Alfred Doménech Rafael Ducrozet Frederik Ebner Sandra Edwards Jane Eisenschmidt Jens El Said Ayah Evans Gareth Fahrinkrug Holger Faia Ester Fehrmann Thomas Fell John Fendel Ralf Fiedler Jakob Fischer Björn

European Central Bank European Central Bank R + V V ersicherung Swiss National Bank PIMCO KU Leuven University of Amsterdam Risk Controller Duquesne Family Office Swiss National Bank Research Center SAFE Brevan Howard Rokos Capital Management European Central Bank Commerzbank University of Amsterdam BBVA European Central Bank Citadel Swiss National Bank UBS London School of Economics Pictet & Cie SciencesPo Paris & European Central Bank Capula Investment Management Pharo European Central Bank Pioneerinvestments Universita Cattolica del Sacro Cuore Erasmus University Rotterdam Aimark BBVA Pictet Wealth Management DekaBank Autonomy Capital European Central Bank City University of London T emasek Holdings Oddo Meriten Asset Management Goethe University Frankfurt Deutsche Bundesbank European Central Bank WHU - Otto Beisheim School of Management Deutsche Apotheker- und Ärztebank European Central Bank

The ECB and lts Watchers XVlll April 6, 2017

Fitschen Juergen Deutsche Bank Förster Hannelore Photographer Francová Olga European Stability Mechanism Freier Maximilian European Central Bank Friedrich Tanja Deutsche Bank Fröhling Annette Deutsche Bundesbank Garcia Ricardo UBS Garcia Pascual Antonio Barclays Gavilan Gonzalez Angel European Stability Mechanism Gerke-Unger Kinka U.S. Consulate General Frankfurt Gerlach Stefan BSI Bank Ghahramani Sassan SGH Macro Advisors Giovannini Massimo European Commission Gomendio Ignacio LC-MA Grebe Gerhard Bank Julius Bär Europe Gropp Reint E. IWH Halle Gros Daniel CEPS Guha Krishna Evercore ISi Gumpp Dominik Nürnberger Versicherung Harrison Richard Bank of England Hartwig Benny Goethe University Frankfurt Harwood Joe Morgan Stanley Investment Management Heinemann Peter Heinemann Friedrich ZEW Mannheim Hense Florian Beren berg Hirvonen Timo FIM Hofrichter Stefan Allianz Global Investors Holstein Michael DZ Bank Hommes Cars University of Amsterdam Huefner Martin Assenagon Huefner Felix UBS Iliopulos Eleni Ceprernap Inoue Masami Bank of Ja pan Isabelle Salle University of Amsterdam Jackson Matthew Moore Capital Jakubik jaroslaw National Bank of Poland Jevcak Anton European Commission Jung Alexander European Central Bank Junius Karsten J. Safra Sarasin Kaidusch Peter Bundesrepublik Deutschland - Finanzagentur Kalbhenn Anna European Central Bank Kaltenhäuser Bernd Deutsche Bundesbank Kamps Christophe European Central Bank Karamé Fréderic Cepremap Kastens Ulrike Sal. Oppenheim

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The ECB and lts Watchers XVlll April 6, 2017

Kater Ulrich Keller Christian Kennedy Neale Kenny Geoff Ketzler Rolf Kipar Stefan Klöckers Hans-] oachim Knaus Reinhold Koch Manfred Koch Alexander Kocyba Hermann Köhler-Töglhofer Walpurga Koivu Tuuli Kolb Serge Kollmann Robert Kopf Christian Körding Julia Koulovatianos Christos Kramer Lucas Krämer Jörg Krueger Malte Kühn Hanno Laeven Luc Landau Bettina Landmann Oliver Lang Armin Larsen Jens Laseen Stefan Lechthaler Wolfgang Lederman Andres Lemangnen Alan Lenk Christian Leppin Marco Lewis Vivien Liermann Felix Linzert Tobias Loretan Mica Lueck Martin Lugaresi Sergio Lupinski Marcin Makarewicz Tomasz Mandala Francesco Manzke Bernhard Marco Ratto Mark Tanja

DekaBank Barclays European Central Bank European Central Bank GOV BayernLB European Central Bank Asset Management European Central Bank Raiffeisen Schweiz Institute of Social Research Oesterreichische Nationalbank Nordea Central Bank of Luxembourg Université Libre de Bruxelles Spinnaker Capital European Central Bank University of Luxembourg Deutsche Postbank Commerzbank University of Applied Sciences Aschaffenburg Deutsche Apotheker- und Ärztebank European Central Bank European Central Bank University of Freiburg Deutsche Bank Wellington Managament Sveriges Riksbank Kiel Institute for the World Economy Fintech Advisory Natixis DZ Bank Deutsche Bundesbank KU Leuven Frankfurt University of Applied Sciences European Central Bank Swiss National Bank BlackRock Italian banking association National Bank of Poland University of Amsterdam UBS Deutsche Bundesbank European Commission werbefreihei t

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The ECB and Its Watchers XVIII April 6, 2017

Markovic Branka KU Leuven Marsh David OMFIF Massimo Giovannini European Commission Masuch Klaus European Central Bank Maurin Laurent European Investment Bank Mayer Thomas Flossbach von Storch Research Institute Mazzucchelli Marco Bank Julius Baer & Co. Meier Carsten-Patrick Kiel Economics Research & Forecasting Melvin Michael University of California, San Diego Menuet Guillaume Citigroup Michaelis Henrike German Council of Economic Experts Mifune Jun Bank of Japan Misch Jan LBBW Modery Wolfgang European Central Bank Mongelli Francesco European Central Bank Morris Ian European Central Bank Morron Adria CaixaBank Research Motto Roberto European Central Bank Muchlinski Elke Free University Berlin Mulleners Marcel PGGM Nagly Dominik Macro synergy Nardelli Stefano European Central Bank Nautz Dieter Free University Berlin Niedzwiedzinska Joanna European Central Bank Nielsen Lasse Holboell W esth Goldman Sachs Niemeläinen Heikki Municipal Guarantee Board Niklasch Jens-Oliver LBBW Onofri Paolo University of Bologna & Prometeia Onorante Luca European Central Bank Owen David Jefferies Ozawa Yoshihisa Bank of Japan Papadia Francesco Bruegel Institute Papathanasiou Chrysa European Central Bank Pearlman Joe City University of London Piloiu Anamaria Deutsche Bank Pregesbauer Andreas Federal Ministry of Finance Rabin Stephen Federal Reserve Bank of San Francisco Rahbari Ebrahim Citi Rahmsdorf Detlev former Bundesbank / Deutsche Bank Ramseger-Tan Catherine British Embassy Berlin Ratto Marco European Commission Ricciardelli Alfonso SGH Macro Advisors Rich Georg University of Bern Rickes Reinhold Deutscher Sparkassen- und Giroverband Riekert Philipp Deutsche Mittelstandsholding

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The ECB and Its Watchers XVIII April 6, 2017

Riley David BlueBay Asset Management Ritto Joao Banco de Portugal Rostagno Massimo European Central Bank Rutzka-Hascher Diana Deutsche Bundesbank Salle Isabelle University of Amsterdam Satta Pier Mario UniCredit Sbaihi Maxime Bloomberg Intelligence Schauman Heidi Aktia Bank Schnebel Eberhard Schorfheide Frank University of Pennsylvania Schumacher Dirk European Central Bank Schrüfer Klaus Market Strategy Schubert Vera KfW Schüler Yves Bundesbank Seidel Thomas Luxemburger Wort Sergey Slobodyan CERGE-EI Servais Alice KU Leuven Sheard Paul S&P Global Sibal David Rajeev Och-Ziff Management Europe Limited Siegenthaler Beat UBS Siegmund Uwe R + V V ersicherung Siviero Stefano Banca d'Italia Slettväg Bjernar Norges Bank Slobodyan Sergey CERGE-EI Smets Frank European Central Bank Sousa Joao European Central Bank Speranza Luigi BNP Paribas Spies Michael Citi Research Stark Katrin Deutsche Bank Stehn Jari Goldman Sachs Straub Roland European Central Bank Tavlas George Bank of Greece Teixeira Pedro Gustavo European Central Bank T esfaselassie Mewael Kiel Institute for the World Economy Theis Christoph Swiss National Bank Theocharis Harry Hellenic Parliament Thiemann Matthias Goethe University Frankfurt Thygesen Thomas SEB Tibrewal Anisha Bank of England Tillmann Peter Justus Liebig University Giessen Tomasz Makarewicz University of Amsterdam Trahorsch Julian LBBW Traut Matthias Brevan Howard Tristani Oreste European Central Bank Turnbull Kenny Bank of England

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The ECB and Its Watchers XVlll April 6, 2017

Urlings Bas Rabobank Utermöhl Katharina Allianz SE Välimäki Tuomas Bank of Finland Valli Marco UniCredit Vidal Jean-Pierre European Central Bank Vilarrubia Josep Banc Sabadell Vitale Giovanni European Central Bank Vivien Lewis KU Leuven von Gerich Jan-Mikael Nordea Weber James Ernst & Young Weber Fabienne University of Luxembourg Wells Simon HSBC Welteke Ernst Ernst Welteke Consultancy Wendorff Karsten Deutsche Bundesbank Wickens Michael Universities of Cardiff and York Wilhelm Martin IFK - Institut für Kapitalmarkt Willeke Caroline European Central Bank Winkler Bernhard European Central Bank Worms Andreas Deutsche Bundesbank Wouters Raf KU Leuven Zanni Giovanni Credit Suisse Zilioli Chiara European Central Bank Zizola Andrea European Central Bank

Media Representatives

Ahlemeyer Johannes n-tv

Al Barkani Yasmina n-tv

Barfield Tom AFP Agence France-Presse Bender Jörn Deutsche Presse-Agentur dpa Bentzien Hans Dow Jones Newswires Black Jeff Bloomberg News Bosley Catherine Bloomberg News Braunberger Gerald F.A.Z. Buell Todd The Wall Street Journal Bünemann Niels TV2 Danmark Bürger Andreas Reuters TV Canepa Francesco Reuters Cermak Christopher Handelsblatt Global Erdem Hakan Reuters TV Fairless Tom The Wall Street Journal Fischer Malte W irtschafts W oche Haak Jessica Reuters TV Hansen Meike Standard & Poor's

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The ECB and lts Watchers XVIII April 6, 2017

Hesse Martin Der Spiegel Heuchert Oliver ZDF Iniguez Maria Arantzazu Agencia EFE Ishikawa Jun Nikkei Jaeger Andreas AJPM Jones Claire Financial Times Kaltefleiter Andrea n-tv Klüssendorf Julia ARD/Hessischer Rundfunk Koenig Madleen CNBC Kolbe Ralf Portfolio Verlagsgesellschaft Koutoumanos Panagiotis Frankfurter N eue Presse Look Carolynn Bloomberg News Mallien Jan Handelsblatt Mayer Ursula HR McHugh David The Associated Press Meakin Lucy Bloomberg News Merli Alessandro Il Sole 24 Ore Mommsen Nicole Goldman Sachs Motosugi Kunio Ji Ji Press Mueller Maximilian W estend TV/ CNBC Nathusius Ingo Hessischer Rundfunk Neinhaus Andreas Finanz und Wirtschaft Nieduzak Alice Reuters TV Nixon Simon The Wall Street Journal Obertreis Rolf Tagesspiegel Berlin Pletter Roman DIE ZEIT Rasch Michael Neue Zürcher Zeitung Rueppel Hans-Dieter Arcor Schäder Barbara Stuttgarter Zeitung Scheuring Sandra ARD Schlösser Stefan ZDF Schmid Jo Bloomberg Schmid Simon Handelszeitung Schmidt Tobias dpa-AFX Scholtes Brigitte Deutschlandfunk Schroers Mark Börsen-Zeitung Seidel Thomas Luxembourger Wort Sellmann Andrea n-tv Shubart David W estend TV/ CNBC Siebelt Frank Reuters News Simon Frank Reuters TV Sindreu Jon The Wall Street Journal Skolimowski Piotr Bloomberg Somogyi Csaba ECOVIEW Speciale Alessandro Bloomberg

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The ECB and Its Watchers XVIII April 6, 2017

Szymczak Berenike Standard & Poor's Ten Bosch Giel Financieele Dagblad Teranishi Kazuo Asahi Shimbun Thier Jenni Frankfurter Allgemeine Sonntagszeitung Treeck Johanna Maria Politico van Kuppeveld Joost Het Financieele Dagblad Weisbach Annette CNBC Wiedemann Otto RedGem PBS/MPS

CFS and IMFS

Akabuo Selase Allah verdi yeva Shafag Busold Felix Chen Zhi Dimova Marija Dung Nguyen Thi My El Idrissi Hassan Farkas Matyás Grigorev Ilya Hinter lang Natascha Karau Sören Khussainova Assem Knauer Danny Kuete Meguy Lenz Natascha Li Qinyu Lieberknecht Philipp Liermann Jakob Ma Jun Milivojevic Lazar Nguyen Thi My Dun Pavlekovic Giulio Poisa Natalija Poriete Liene Qian Xinyi Quintana Jorge Schäper Florian Tänzer Alina Tatar Balint Wiewrodt Kira Zabelina Natalia Zhi Chen Zhuolin Pan

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