Klaus Regling
Klaus Regling, Klaus P. Regling, ( born October 3, 1950 in Lübeck) is the Managing Director of the ESM, an intergovernmental organization of international law as well as the CEO of the European Financial Stability Facility, a société anonyme incorporated under Luxembourg law, the European the stabilization mechanism converts.
Life
He is the son of the Lübeck master carpenter and SPD Bundestag member Karl Regling. He himself has no party affiliation. He is rumored that he 'm close to the CDU. After graduating from the Johanneum to Lübeck in May 1969, he studied in Regensburg and Hamburg economy.
From 1975 to 1980 he worked for the International Monetary Fund ( IMF) in Washington. He was initially part of the " young professional program" worked in the research and in the Africa Department. In 1977, he worked in the preparatory group of the World Economic Outlook. He then worked briefly for the Federal Association of German Banks (BdB ). In 1981 he came to the Federal Ministry of Finance in the Department of European monetary affairs.
From 1985 to 1991, he worked again for the IMF. In Washington, he worked in the department for international capital markets in a managerial position and prepared the capital market reports. He led negotiations with African and Asian countries on IMF programs. He was involved in the debt restructuring of Morocco, the Philippines and Indonesia. He became head of the IMF office in Jakarta in 1989.
Under the Federal Finance Minister Theo Waigel and Secretary of State Jürgen Stark, he came in 1991 to the Treasury. He was involved was instrumental in the drafting of the European Stability and Growth Pact. From 1991 to 1993 he was Head of the Department for International Monetary Affairs. From 1993 to 1994 he was Deputy Head of the International Monetary and Financial Relations. With Horst Köhler and Hans Tietmeyer he was a key figure in the negotiations on the Treaty of Maastricht.
From 1993 to 1998 he was Deputy Governor of the Inter-American Development Bank and the Asian Development Bank, as well as board member of the Hermes credit insurance AG. From 1995, he headed the Ministry, the Department of European and International monetary and financial relations.
After the change of government in 1998 Regling was transferred at his own request by the then Finance Minister Oskar Lafontaine on hiatus. He then worked for two years as Executive Director of the ' Moore Capital Strategy Group ' in London, one of the leading American hedge funds. Regling worked there together one and a half years with Philipp Hildebrand, who later Board Member and President of the Swiss National Bank.
From 2001 to 2008 he was Director General for Economic and Financial Affairs at the European Commission. It was proposed by Chancellor Gerhard Schröder. As Germany and France had the deficit limits exceeded in 2002 and 2003, the EU Commission launched at his initiative an excessive deficit procedure against Germany. Due to the annoyance Gerhard Schröder's Regling was declared persona non grata in Berlin. The conflict led to a reform of the regulatory framework, the summer of 2005 came into force. The "strategic mind " behind this reform was Regling. In autumn 2005, adjusted Regling and Monetary Affairs Commissioner Joaquín Almunia, the ratio of the German government: Even before taking office the new government with Angela Merkel and her finance minister, Peer Steinbrück agreed the modalities that should bring the deficit back below the three percent limit. 2008 Regling retired from the EU service because he normal postage rotation after a maximum of seven years did not want to be subordinate.
He is a member of the Economic and Financial Committee of the European Union since 2001. In addition, he has since become Deputy Governor for the EU at the European Bank for Reconstruction (EBRD ) and board member of the European Investment Bank ( EIB).
Since 2005 Regling Policy Fellow at IZA private.
He was a member of the expert committee of the Federal Government on the reform of the international financial markets ( " New Financial Architecture " ), chaired by Otmar Issing. The State Secretary Jörg Asmussen began under Regling his career at the Federal Ministry of Finance and is now a member of the Board EFSF Regling one of 16 chefs. He called two years ago for a large stimulus package, " for the first time in my professional life ."
2008/2009 he was a lecturer at the ' Lee Kuan Yew School of Public Policy ' at the National University of Singapore.
From New Year's Day to mid-June 2010 Regling was director of the hedge fund Winton Futures Fund Ltd.. He is currently Chairman of KR Economics, founded his own consulting firm in September 2009 in Brussels. It discussed, among other things Singapore at a financial commitment in the euro area.
Since July 1, he managed in Luxembourg to the EU's aid fund, the so-called euro bailout. Contrary to his assessment of the end of September 201X that the former consolidation measures in Ireland and Portugal confirm its " central scenario " the inaction of the EFSF, Ireland has submitted an application for use of the screen.
In the dispute over EU bonds in early 2011 he was near the side of the Luxembourg Prime Minister Jean -Claude Juncker.
In a FAZ interview in June 2013, he advocates abolishing for distressed euro countries in the long run, the "troika" of the International Monetary Fund (IMF ), European Central Bank ( ECB) and the EU Commission in the crisis help. Short and medium term, the IMF should remain on board because he had the most experience with utilities. In the long run the euro-zone countries would have to lift such programs themselves. He criticized the IMF for its assessment of the recent Greek bailout sharp ( "The IMF makes the Stability Pact ridiculous and declares himself to be the creation of growth responsible. He not only builds a false dichotomy on. Above all, he shows that he the rules of our monetary union does not understand ").
Criticism
According to the predominant view Regling is considered a principled, unideologischer official. According to another view he was a " staunch ", " tough monetarist " and am one of the "big supporters of neo-liberal positions "
It is accused that " Mr Regling [ was ] responsible to the Treasury, as from 1990 to 1993 the national debt new records reached " and " between 2001 and 2008 of the responsible person in Brussels was, who had to monitor the Greek financial development and then had come to terms with the phony numbers ". From other side, he is accused that he has acted " decisively to the softening of the Covenant " in 2005.
Self-critical he is now of the view that " [ e] s ... a mistake [ was ] that we have looked primarily to the public finances " because the EU Commission would have to monitor in addition to the state and the private debt. That He is the French proposal for a European economic government not far away.