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SUERF Council of Management

The Council of Management

The Council is the executive body of the Association. It may number between 9 and 20 members and all constituencies are represented. Members of Council are elected by the General Assembly to serve for three years; they may be re-elected. The Council chooses the President, Vice-President, Secretary-General and the Treasurer. The President and Vice-President shall be elected for three years. They shall be eligible for one immediate re-election of three years, by a two thirds majority of the Council of Management on the expiry of the first term.

Current Council of Management

Jakob de Haan
SUERF President
Professor of Political Economy
University of Groningen

Jakob de Haan is Professor of Political Economy at the University of Groningen. He has been Head of Research of De Nederlandsche Bank and also Scientific Director of SOM, the graduate school and research institute of the faculty of Economics and Business of the University of Groningen. He graduated at the University of Groningen, where he also received his Ph.D. He has published extensively on issues like public debt, monetary policy, central bank independence, political and economic freedom and European integration. He is member of the editorial board of Public Choice, European Union Politics, and the Journal of International Money and Finance. He has been editor of the European Journal of Political Economy, and President of the European Public Choice Society. De Haan has also been visiting professor at the Free University Berlin (2003/4), Kiel Institute (2002, 2010), and the University of Munich (1999). He is also research fellow of CESIfo.

Michala Marcussen
SUERF Vice President
Group Chief Economist
Société Générale

Michala Marcussen assumed the role of SG’s Group Chief Economist in September 2017 and leads a team of over 30 economists and sector engineer’s in her role as Head of Economic and Sector Research in the Risk Division. She is a member of Société Générale’s Group Management Committee and has been with the SG Group since 1994. With over 30 years of experience in the financial industry, she is a frequent commentator in the economic debate. Michala Marcussen holds a Master of Science in Economics from the University of Copenhagen and is a CFA charterholder. Michala is also Vice President of the SUERF (European Money and Finance Forum) Council of Management.


Ernest Gnan
SUERF Secretary General
Counsel to the Board, Head Economic Analysis Division
Oesterreichische Nationalbank

Dr. Ernest Gnan

Born in 1964 in Vienna, Dr Gnan received his Doctorate in economics at the University of Economics and Business Administration, Vienna, in 1989. He started out his professional career as an investment fund manager in 1987 and joined the Oesterreichische Nationalbank as an economist in 1988. In 1992, he moved to the European Commission, DG ECFIN, in Brussels and in 1994 to the European Monetary Institute, the ECB´s forerunner institution, in Frankfurt. In 1998, Dr Gnan became Deputy Head of the Oesterreichische Nationalbank´s Foreign Research Division. 

Since 1999, he has been Head of the Bank´s Economic Analysis Division. In 2006, he furthermore became Counsel to the Board. Dr Gnan is also member of the European Central Bank´s Monetary Policy Committee and expert member of the Austrian Fiscal Council. Since 2006, Dr Gnan has also served as Secretary General of SUERF – The European Money and Finance Forum. Between 2010 and 2018, Dr. Gnan was also alternate member of the Austrian Competition Commission.
Dr Gnan has been giving numerous lectures on issues related to macroeconomics, monetary policy, EMU, European integration, and the financial and sovereign debt crisis. For several years, he was adjunct professor at Webster University Vienna and lecturer at the German Association for Financial Analysts. Since 2005, he has been lecturer at the University of Vienna, and since 2006 lecturer at the Austrian Academy of Accountants.

His publications cover monetary policy; central banking; inflation and inflation expectations; macroeconomic imbalances; financial markets, banking and financial regulation; globalisation; economic growth; economic, institutional and legal aspects of EMU; exchange rate policy, the European and international monetary system, banking and finance.

Donato Masciandaro
SUERF Honorary Treasurer
Director, BAFFI Center on International Markets, Money and Regulation
Università Bocconi

Donato Masciandaro, born in Italy in 1961, has been a Full Professor of Economics since 2001. He holds the Chair in Economics of Financial Regulation at Bocconi University in Milan, and is Head of the Department of Economics. Since 2008, he has been Director of the BAFFI Center on International Markets, Money and Regulation. He is a member of the Council of Management and Honorary Treasurer of SUERF. He has served as a visiting scholar at the IMF Institute (International Monetary Fund), and has been a consultant at the Inter-American Development Bank and the United Nations. He is Associated Editor of the Journal of Financial Stability. Donato Masciandaro's work has covered three main topics: central banking, financial regulation and supervision, illegal financial markets. His three most recent books are: The Handbook of Central Banking, Financial Regulation and Supervision after the Crisis (ed.), 2011, Edward Elgar, Cheltenham (with S. Eijffinger), Designing Financial Supervision Institutions: Independence, Accountability and Governance, (ed.), 2007, Edward Elgar, Cheltenham (with M. Quintyn) and Black Finance. The Economics of Money Laundering, Edward Elgar, Cheltenham, 2007, (with E. Takats and B. Unger).




Elga Bartsch
Managing Director, BlackRock
Head of Macro Research
Elga Bartsch, PhD, Managing Director, heads up economic and markets research at the Blackrock Investment Institute (BII). BII provides connectivity between BlackRock's portfolio managers, originates economic and market research and publishes insights. Prior to joining BlackRock, Dr. Bartsch was Global Co-Head of Economics and Chief European Economist at Morgan Stanley in London. She started her career as a research associate at the Kiel Institute for the World Economy, a large German economic think-tank where she worked at the President's office and managed the Advanced Studies in International Economic Policy Research, a post-graduate program in international macroeconomics. Dr. Bartsch has more than 20 years of macro research experience and is a member of the ECB Shadow Council and a trustee of the IFO Institute for economic research. She also served on and chaired the Economic and Monetary Policy Committee of the German Banking Association. Having studied at the University of Hannover and the London School of Economics, Dr. Bartsch graduated with a Master's degree from Kiel University where she subsequently also completed a PhD.
Roberto Blanco
Executive Co-ordinator in the Macro-financial Analysis and Monetary Policy Department, DG Economics, Statistics and Research
Banco de España

Roberto Blanco  has occupied the post of Executive Co-ordinator in the Macro-financial Analysis and Monetary Policy Department, DG Economics, Statistics and Research at the Banco de España since December 2018. Previously he held various managerial positions in the Bank’s Financial Studies Division, having joined as an economist in 1997. From 1991 to 1997, he was an economist in the C.N.M.V. Economic Analysis Division. Since 2007, he has sat as one of the Spanish delegates on the OECD Committee on Financial Markets. He is also a Member of the Board of Asociación Española de Finanzas (The Spanish Finance Association). He regularly writes articles on financial issues.




Bruno Cabrillac
Deputy Director General Statistics, Economics and International
Banque de France
Bruno Cabrillac entered the Banque de France in 1984, serving as Economist initially in the Foreign Relations Department, then in the Research and Forecast Department. He was seconded to the Ministry of Finance as Financial Counsellor in Cairo (1989–1992) and Tokyo (1994–1996), having worked as a foreign exchange and bond trader for 18 months prior to that. After heading the African Department (Zone Franc) of the Banque de France from 1997 onward, Bruno Cabrillac was seconded, in April 2001, to the Ministry of Finance to become Trade Commissioner and Banque de France representative in Hong Kong and Macau. In July 2005, he was appointed Financial Counsellor for Africa at the French Ministry of Finance (Directorate General Treasury and Economic Policy). Following his appointment as Director of economics and international European relations at the Banque de France in October 2008, Bruno Cabrillac became Deputy Director General for Economics and International in October 2016. Since January 2019, he has been Deputy Director General for Statistics, Economics and International at the Banque de France.
Carl-Christoph Hedrich
Director and Senior Research Manager Public Affairs
Commerzbank AG

Carl-Christoph Hedrich, born in Ludwigsburg/Germany in 1961, is a Director and Senior Research Manager at Commerzbank AG in Frankfurt/Main. He joined Commerzbank in 1993 as an analyst in the Economic Research Department, writing texts and speeches on various questions around strategic, structural and regulatory aspects of banks and financial markets. In the run up to the euro he was involved in the communication of the euro project. From 2006 on, as Head of Issue Management in the Communications Department, he built up a small unit responsible for positioning Commerzbank in the political and regulatory debate. Since mid-2013, his focus has been on research on bank-related issues as well as maintaining contacts with academics and think tanks. Dr. Hedrich studied economics at the University of Stuttgart-Hohenheim in an interdisciplinary way. Having chosen economics, bank management and law as special courses, he received a degree as Diplom-Ökonom in 1985. After his 15-month compulsory military service in 1986/87, he worked as an assistant lecturer in several departments of Hohenheim University, specialising in macroeconomics, monetary policy and international economics. He obtained his doctoral degree in 1992. Dr. Hedrich has published on a wide range of issues, mainly during his time at university, such as special forms of hybrid bank capital, the legal and economic foundations of the German savings bank sector, critiques of the Maastricht Treaty and the Basel II-Capital Accord.


Esa Jokivuolle
Head of Research
Bank of Finland

Esa Jokivuolle is Head of Research at the Bank of Finland.  He leads the research unit at the Monetary Policy and Research Department. The unit focuses on researching the interaction and stability of the macroeconomy and financial markets. Dr Jokivuolle has served the Bank of Finland in different positions since 1999 and has also been a visiting professor at Aalto University School of Business. He graduated in 1990 as M.Pol.Sc. from the University of Helsinki, majoring in economics, and received his doctorate (PhD) in the field of finance from the University of Illinois at Urbana-Champaign, USA, in 1996.


Ryszard Kokoszczynski
Member of the Board
National Bank of Poland

Ryszard Kokoszczyński was born on January 19, 1954, in Warsaw, where he completed his primary and secondary education. In the years 1973-77, he studied econometrics and statistics at Warsaw University Institute of Economic Science, where he gained his master"s degree. Since 1977, he has been on the staff of the Department of Statistics and Econometrics at the Faculty of Economic Sciences holding a professorship since 2005. In 2015 he became the head of a newly established Division of Quantitative Finance at the same faculty. His research interests have focussed on questions of macroeconomic and financial modelling, monetary economics and the banking system. During his university career he has also received experience of other kinds, from a student internship at the statistics and research department of the Malta trade union federation, study visits and participation in academic conferences, to a year"s internship at the Institute of the World Economy in Kiel (Germany). In 1987, Ryszard Kokoszczyński began work - initially on a part-time basis - in the Team of Research Experts at the National Bank of Poland. He has served in various capacities in the bank (i.a. Head of Research and Deputy Governor), where he is currently Member of the Board (since August 2015). He is also a member of the Economic and Financial Committee of the Council of the European Union and a member of the Council of Management of SUERF – the European Money and Finance Forum. His professional experience also includes chairing the Supervisory Board of Powszechny Bank Gospodarczy, Lodz (1991-97), membership in the Supervisory Board of the Warsaw Stock Exchange (1992-97) and of the PKO BP bank (2002 - 2005), courses and training at the World Bank and the Banque Nationale Suisse, and secondment to the head office of Dresdner Bank in Frankfurt. Ryszard Kokoszczyński is the author of some 100 academic publications, Polish and foreign, on macroeconomics, monetary policy, banking and financial econometrics, member of a few editorial boards of economic journals and an editor of the book series “Polish Studies in Economics” (published by Peter Lang).


Frank Lierman
Chairman Editorial Board Revue bancaire et financière/Bank - en Financiewezen
Belgium Financial Forum

Frank Lierman is the former Chief Economist of Belfius Bank, having formerly held the role at Dexia Bank Belgium. Previously he worked at the Artesia Banking Corporation and its predecessor Paribas Bank Belgium in a number of capacities: Economic Research, Marketing, Organisation, Asset Management, Euro-Project. He is a member of the Council of Management of SUERF – the European Money and Finance Forum, serving on its Editorial Board and has been the Association"s Vice President. He is also co-president of the Coordination Committee of the Belgian Financial Forum (BFF) and serves as head of the BFF"s Revue bancaire et financière. He has authored numerous publications on the solvency and profitability of Belgian financial institutions, and on various financial and macroeconomic topics. He holds a degree in Economic Sciences from the Catholic University of Leuven.



David T. Llewellyn
Professor of Money and Banking, School of Business and Economics
Loughborough University

David T. Llewellyn is Professor of Money and Banking at Loughborough University, and Honorary Visiting Professor at the CASS Business School in London; Visiting Professor at the Vienna University of Economics and Business; External Member, Centre for Cooperative Studies, Kellogg College, University of Oxford; Associate Senior Research Fellow, at the Centre for European Policy Studies (Brussels). He is Consultant Economist to ICAP plc. He has recently been working with several central banks on aspects of the global financial crisis and Resolution strategies. His recent research includes a project at the Centre for European Policy Studies in Brussels on the economics and role of European cooperative banks, and a second project at the CEPS for the European Parliament on trends in European banking. In March 2011 he was appointed a member of the Banking Stakeholder Group of the European Banking Authority, and elected as Vice Chairman in July. Previous career appointments include serving as an economist at Unilever (Rotterdam), HM Treasury (London), and the International Monetary Fund (Washington). Between 1994 and 2002 he was a Public Interest Director of the Personal Investment Authority (the UK regulator of retail financial services until it was superseded by the FSA).

He serves as a consultant to financial firms, management consultancy firms, and regulatory agencies in several countries including South Africa where, in 2004, he was appointed by the Minister of Finance to be a member of a Task Group to investigate competition in the South African Banking industry. He has been a consultant to the World Bank and the International Monetary Fund, and has been a member of an IMF international advisory committee on governance in supervisory agencies. For several years he was a member of the London Advisory Board of the Halifax Building Society and has served as a consultant to the Building Societies Association and several mutual building societies in the UK. He is a member of the Advisory Board of the European Banking Report at the Italian Bankers Association and a member of the Academic Board of the International Centre for Financial Regulation in London. Between 2004 and 2008 he was a member of the Banking Panel of Bank Indonesia. In 2004 he was a consultant to HM Treasury on governance in life mutuals (Myners report), and was a member of the PricewaterhouseCoopers team investigating the macro economic impacts of the Basel II Accord for the European Commission. In 2005-6 he was a member of the IESE Business School team commissioned by the EU Commission to investigate the retail banking industry in EU countries. He is a member of the Council of Management of SUERF - The European Money and Finance Forum, and was President between 2000 and 2006. He has written extensively on the analysis of banking and financial markets and their regulation. Books include: Financial Regulation: Why, How and Where Now? (with Charles Goodhart and others), The Economic Rationale of Financial Regulation (FSA Occasional Paper No.1), Surveys in Monetary Economics, Vols 1 and 2 (with Chris Green), The New Economics of Banking, (SUERF Study, No. 5), and Islamic Banking and Finance (with M Iqbal), The Global Banking Crisis and the Post Crisis Banking and Regulatory Scenario. He has written extensively in journals and in conference proceedings including: Prompt Corrective Action: Ten Years On, and Market Discipline in Banking: Theory and Practice, both edited by George Kaufman.


Debora Revoltella
Director Economics Department
European Investment Bank

Debora Revoltella is the Director of the Economics Department of the European Investment Bank. The Department provides impact-driven economic analysis to support the EIB in its policy and strategy definition and in its operations, with a team of some 30 economists. The main publications include the EIB Annual Report on Investment and Investment Finance in Europe, regular Economic Notes on structural issues concerning the European economy, publications on the state of the banking sector of the different regions of operations of the EIB as well as the EIB Report on Results, which assesses the development impact of projects financed by the EIB. Since 2016, the Department in also in charge of the new EIB Survey on Investment and Investment Finance, targeting 12,000 European firms each year. Before joining the EIB, Debora was the Chief Economist for Central and Eastern Europe in UniCredit, managing a team of some 45 economists in the CESEE region. She holds a degree in Economics and a Master in Economics from Bocconi University as well as a PhD in Economics from the University of Ancona in Italy.
Debora is a member of the SUERF Council of Management, a member of the EURO50 scientific board and a member of the Steering Committee of the Vienna Initiative and an alternate member of the Board of the Joint Vienna Institute.


Yael Selfin
Chief Economist, KPMG UK
NIESR Fellow
Yael Selfin is Chief Economist at KPMG in the UK and a Fellow at the National Institute of Economic and Social Research. She has been advising clients on the global economic outlook and its impact on their strategy for over 20 years. Her experience spans private sector clients across a wide range of industries and geographies, as well as public sector bodies. Her research looks at the impact major changes, including new technologies and Brexit, could have on the economy as well as on individual businesses. Her work at the National Institute of Economic and Social Research looks at ways to lift growth across UK regions.
Jens Ulbrich
Director General Economics
Deutsche Bundesbank

Jens Ulbrich has been Head of the Economics Department of the Deutsche Bundesbank since 2009, having previously been Deputy Head and also having worked in the President's Office at the Deutsche Bundesbank. Since 2008 he has been a Member of the Council of Management of SUERF – The European Money and Finance Forum. From 2000 – 2005 he worked at the German Council of Economic Experts in Wiesbaden, serving as Secretary General between 2003 and 2005. Previously he was an Economist in the Federal Chancellery and in the Economics Department of Dresdner Bank AG. He holds a Diploma in Economics and Political Sciences from the University of Cologne and Trinity College Dublin.


Christian Upper
Head of Macroeconomic Analysis, Monetary and Economic Department
Bank for International Settlements (BIS)

Christian Upper heads the Macroeconomic Analysis section of the Monetary and Economic Department of the Bank for International Settlements. His responsibilities include overseeing the production of the background note for the BIS’s Global Economy meeting that brings together central bank governors from over 30 central banks from major advanced and emerging market economies. Before being appointed to his current position he headed the BIS’s Emerging Markets, Financial Market and Monetary Policy and Exchange Rate sections. Prior to coming to Basel, he spent seven years at the Deutsche Bundesbank. Christian holds a doctorate in economics from the European University Institute in Florence and a Master of Science in Economics from the University of Warwick. His research focuses on the interaction of financial markets and institutions and the macroeconomy. His work has been published in refereed academic journals as well as in policy publications.

Isabelle Vaillant
Director of Prudential Regulation and Supervisory Policy
Isabelle Vaillant is responsible for delivering the EBA"s prudential and resolution policy work as well as for overseeing the implementation of the standards with a view to ensuring a harmonised supervisory and resolution set of approaches across the EU. From 2011 to 2018, Isabelle was responsible for the production of the EBA regulatory work. Prior to this appointment, she was Head Inspector for on-site examinations at the French Financial Markets Authority. Between 1996 and 2010, Isabelle held several positions within Banque de France, including Deputy Director of the European and International Relations Directorate, Head of the Large International Credit Institutions Supervisory Department, Head of the International Regulation Department and Head of the European Regulation Division. Isabelle Vaillant graduated in Political Sciences at the Institute of Political Studies of Paris and completed a postgraduate MSc in Economics and Econometrics at the University of Paris X Nanterre.
Natacha Valla
Chair, SUERF Editorial Board
Sciences Po School of Management and Innovation

Natacha Valla is Dean of Sciences Po School of Management and Innovation. Previously she worked as Deputy Director-General for Monetary Policy at the ECB and taught at NYU. Between 2015 and 2018 Natacha Valla was Head of the Policy and Strategy Division of the EIB, a permanent member of the Conseil d’Analyse Economique (CAE). She was also a member of the Board of Directors of the groups LVMH, Accor, ASF/Cofiroute and Tikehau. She was Executive Director at Goldman Sachs Global Economic Research between 2008 and 2014. Natacha Valla worked as an economist at the ECB between 2001 and 2008. She has also lectured in international economics at New York University and Sciences-Po Paris. In 2005, she was seconded to the Research Directorate of the Banque de France. She has also been a consultant for the IMF and the OECD, and taught at the Universities of Florence, Paris-Dauphine, H.E.C. and Sciences-Po Paris.
Natacha Valla received a Ph.D. in Economics from the European University Institute (Florence) in 2003.



Isabel Vansteenkiste
Deputy Director General for Monetary Policy
European Central Bank
Isabel Vansteenkiste is Deputy Director General for Monetary Policy at the European Central Bank (ECB). Isabel has worked at the ECB since 2002 in various positions and areas, including as Deputy Director General for Economics (from July 2019 until July 2020), as Senior Adviser working with the Chief Economist in preparing the monetary policy governing council meetings (from September 2017 until June 2019), as Head of Division in the Euro Area Country Surveillance Division (2014-2017) and as Head and Deputy head of Division in the International Policy Analysis Division (2012-2014). She was also the ECB’s mission chief to Portugal from 2014 to 2017. Isabel’s main fields of research interests are international macroeconomics, applied macroeconomics and monetary economics. Isabel holds a PhD degree in Economics from the Katholieke Universiteit Leuven.
Jean-Pierre Vidal
Chief Economic Advisor to European Council President Charles Michel
Council of the European Union

Jean-Pierre Vidal is Chief Economic Adviser to the President of the European Council, Charles Michel.  He headed the Policy and Strategy Division of the European Investment Bank until December 2019 and  was Counsellor to the Executive Board of the European Central Bank from September 2016 to June 2019. He was previously Chief Economic Advisor to the President of the European Council, Donald Tusk, and a member of the cabinet of the first President of the European Council, Herman Van Rompuy. He held several positions at the European Central Bank: Head of the ECB Representative Office in Brussels (2011-2012), Deputy Head of the Monetary Policy Strategy Division (2007-2011), and Head of the Fiscal Analysis Section (2004-2007). Before joining the ECB as economist in 2000, he worked as senior researcher at the ‘Centre National de la Recherche Scientifique’ (CNRS). Jean-Pierre holds an MBA from ESSEC business school (‘Ecole Supérieure des Sciences Economiques et Commerciales’) and a Ph.D. from the University of Cambridge.



Former SUERF Presidency

Former SUERF Presidency

SUERF Presidents

2012-2018  Prof. Urs W. Birchler
2006-2012  Prof. Catherine Lubochinsky
2000-2006  Prof. David T. Llewellyn
1997-2000  Prof. Franco Bruni
1994-1997  Prof. Jean-Paul Abraham
1991-1994  Prof. Christian de Boissieu
1988-1991  Prof. Dr. Niels Thygesen
1985-1988  Mr. J. Richard Sargent
1979-1982  Dr. Hans-Eckart Scharrer
1976-1979  Mr. Raymond Bertrand
1973-1976  Prof. J. Stuart G. Wilson
1968-1973  Prof. Dr. Hans W.J. Bosman
1963-1968  Prof. Dr. Cees F. Scheffer

Vice Presidents

2011-2017  Frank Lierman
2006-2011  Philipp Hartmann
2000-2006  Jürgen Pfister
1997-2000  Prof. Morten Balling
1994-1997  Prof. Franco Bruni
1991-1994  Prof. Jean-Paul Abraham
1988-1991  Prof. Christian de Boissieu

Secretary Generals

2000-2006  Eduard Hochreiter
1997-2000  Joop van Kessel
1993-1996  Prof. Jacques Sijben
1977-1993  Prof. Hans W.J. Bosman
1973-1977  Prof. Cees F. Scheffer
1968-1972  Prof. J. Stuart G. Wilson
1963-1967  Prof. Pierre Tabatoni

Honorary Treasurers
2009-2010  Hugo de Moor
1989-2008  Eric Pollefliet
1982-1989  Conrad Reuss
1971-1981  Robert Piloy
1966-1970  John Wadsworth
1963-1966  Alexandre Lamfalussy


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