What Lessons Have We Learned from the Euro Crisis?

April 15, 2015, 12:00 AM EDT
Peterson Institute for International Economics, Washington, DC
Klaus Regling (European Stability Mechanism), Reza Moghadam (Morgan Stanley) and Domenico Lombardi (Centre for International Governance Innovation)

Klaus Regling, first managing director of the European Stability Mechanism, delivered the speech "What Lessons Have We Learned from the Euro Crisis?" on April 15, 2015, at the Peterson Institute for International Economics. Regling argued that the currency union is not only overcoming the crisis but that it is much more robust now to future shocks. He stressed that further governance reforms, however, are necessary to make European economic and monetary union immune to future crisis. Reza Moghadam, vice chairman of Morgan Stanley and former director of the European department at the International Monetary Fund (IMF), and Domenico Lombardi, director of the global economy program of the Center for International Governance Innovation, followed with their assessment of the euro area's crisis response. The Peterson Institute cohosted the event with the Centre for International Governance Innovation.

Klaus Regling is the first managing director of the European Stability Mechanism. He is also the CEO of the European Financial Stability Facility, a position he has held since June 2010. From 2001 to 2008 he was director general for economic and financial affairs of the European Commission. Previously, Regling worked in the private sector as managing director of the Moore Capital Strategy Group in London (1999–2001) and as an economist with the German Bankers' Association.

Reza Moghadam has been vice chairman of global capital markets at Morgan Stanley since October 2014. He served as director of the European department at the IMF from November 2011 to July 2014. Before this appointment, he was director of the Fund's strategy, policy, and review department as well as head of the managing director's office. He also worked in both the European and the Asia-Pacific departments of the Fund.

Domenico Lombardi is also chair of the Oxford Institute for Economic Policy and was rapporteur for the High-level Panel on the Governance of Financial Stability Board in 2011. He previously served on the executive boards of the IMF and the World Bank.

Event Materials

Presentation: Klaus Regling [pdf]