Professor of Economics appointed by General Board of the European Systemic Risk Board
The General Board of the European Systemic Risk Board (ESRB) has appointed London Business School’s Professor Richard Portes as Chair of the Advisory Scientific Committee (ASC), which conducts research to inform macro prudential decisions by the board.
The ESRB, headed by European Central Bank President Mario Draghi, is responsible for warning of systemic risk in Europe’s financial system and proposing solutions. The technical committee provides advice to the board and the Chair was previously held by Philip Lane, who last month moved to the ECB’s Executive Board.
The ESRB continues to highlight financial market repricing, as well as balance sheet vulnerabilities of EU financial institutions and indebtedness, as the main risks to financial stability in the European Union in the context of a weaker economic growth outlook.
As Chair of the ASC, Professor Portes brings experience as previous Chair and Vice-Chair of the ASC and as co-Chair of the ATC-ASC Joint Expert Group on non-bank financial intermediation. Professor Portes has been a member of the ASC since 2014.
The vice chairs will be Javier Suarez, a professor at the Centro de Estudios Monetarios y Financieros; and Isabel Schnabel, a professor at the University of Bonn.