The Changing Role of the European Central Bank

The European Central Bank (ECB) will play a vital role in determining the outcome of the Eurozone crisis and more generally, whether Europe slips into a new recession. At this crucial time, it is also moving from the “Trichet era” to the “Draghi era”, as Jean-Claude Trichet ends his eight-year term as president of the ECB and Mario Draghi takes over.

On November 2, the Center on the United States and Europe (CUSE) and Economic Studies at Brookings hosted a discussion on the European Central Bank’s role in the Draghi era. Panelists included: Georges Pineau, the ECB’s permanent representative in Washington; Brookings Senior Fellow Donald Kohn, a former vice chair of the Federal Reserve; and Joerg Stephan, the head of the New York representative office of the Deutsche Bundesbank, Germany’s central bank. Brookings Fellow Douglas Elliott, an expert in the global financial system, provided introductory remarks and moderated the discussion.

After the program, panelists took audience questions.