Yves Mersch (born 1 October 1949 in Luxembourg City) is a Luxembourgian jurist and lawyer who served as Governor of the Central Bank of Luxembourg from the bank's formation in 1998 until 2012 and as a member of the Executive Board of the European Central Bank since 2012.
Early life and education
Mersch studied international law in Paris and is member of the Luxembourgish bar. In 1973 he received his master's degree in Law from the University Paris 1 Panthéon-Sorbonne, in 1974 he finished his Postgraduate degree in International Public Law, Master of Political Science,from the University Paris 1 Panthéon-Sorbonne, and in 1975 he earned his Postgraduate degree in Political Science, from the University Paris 1 Panthéon-Sorbonne.
Mersch served as assistant to the IMF’s Belgian executive director between 1976 and 1978 and later held a short-term position as financial counsellor at the Permanent Representation of Luxembourg in New York.
Between 1989 and 1998, Mersch served as Director of the Treasury and as personal representative in the Ministry of Finance for the negotiations leading to the Maastricht Treaty. He turned down an opportunity to run a European Commission directorate-general under President Jacques Santer in 1995. He participated in the 1988 European Council meeeting in Hannover that re-launched the monetary-union process.
European Central Bank, 2012–present
Mersch has been a member of the European Central Bank's Executive Board, succeeding José Manuel González Paramo, since December 2012. The Government of Spain under Prime Minister Mariano Rajoy had previously blocked Mersch’s appointment, instead putting forward ECB lawyer Antonio Sáinz de Vicuña for the role. The European Parliament had also opposed his appointment, arguing that the ECB board should contain at least one woman; the parliamentarians' refusal left the bank's top management understaffed for six months.
Since both Governors of National Central Banks and members of the Executive Board of the European Central Bank sit on its Governing Council, Mersch has been a member of the Governing Council since its beginnings.
Mersch has been regarded as relatively hawkish on interest rate policy. While in May 2010 he voiced concerns over Jean-Claude Trichet’s unconditional debt-purchasing programme, he – unlike Jens Weidmann of Germany – supported Mario Draghi’s conditional plan to buy government bonds.
In late June, 2011, speaking while at the annual general meeting of the Bank for International Settlements in Basel, he said, "it is chaos," when asked what would happen if Greece were to default on its debts. He was described as "a key member" of the ECB Governing Council in the report.
- European Bank for Reconstruction and Development (EBRD), Alternate Governor
- European Investment Bank (EIB), Member of the Management Committee
- Council of Europe Development Bank (CEB), Member of the Governing Board
- International Fund for Agricultural Development (IFAD), Governor
- Financial Stability Board, Elected Co-Chair of the Regional Consultative Group for Europe (2011–12)
- President of the Fondation de la Banque centrale du Luxembourg (BCL’s Foundation) which promotes research and higher education in the BCL’s fields of activity (2011–12)
- International Islamic Liquidity Management Corporation (IILM), Deputy Chair of the Governing Board (2010–12)
- Luxembourg School of Finance Foundation (FLSF), Member of the Board (2006–12)
- The Bridge Forum Dialogue a.s.b.l, President (2000–12)
- International Monetary Fund (IMF), Alternate Governor for Luxembourg on the Board of Governors(1998-2012)
- "Profile". Retrieved 1 February 2014.
- Tim Jones (September 4, 2013), Memory man European Voice.
- "2010" (PDF). Diário Económico. Archived from the original (PDF) on 4 July 2011. Retrieved 31 December 2010.
- Jim Brunsden (February 15, 2010), Portugal wins vice-presidency of ECB European Voice.
- "Member of the ECB's Executive Board: Yves Mersch". European Central Bank. Retrieved 2013-11-22.
- Andrew Gardner (November 22, 2013), Mersch appointed to ECB European Voice.
- Simon Neville (August 29, 2013), European Central Bank pledges to double senior roles for women The Guardian.
- Paul Carrel (December 18, 2012), Mersch, Constancio to lead ECB bank union work Reuters.
- "The recent subprime turbulences" pdf of speech by Y. Mersch
- "Mid-Day Report: Euro Rebounds on Hawkish Mersch", ActionForex.com February 22, 2011 14:17 GMT. For example.
- Buell, Todd, "ECB's Mersch: 'It is chaos' if Greece defaults", MarketWatch, June 26, 2011, 11:46 a.m. EDT. Retrieved 2011-06-26.
- Central Bank of Luxembourg Yves Mersch biographie Archived July 18, 2011, at the Wayback Machine. Retrieved 23 October 2010. Biography in English Archived September 27, 2011, at the Wayback Machine..