Sabine Lautenschläger
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Sabine Lautenschläger (born 3 June 1964) is a German jurist who served as a member of the
Executive Board of the European Central Bank The Executive Board of the European Central Bank is the organ responsible for implementing monetary policy for the Eurozone in line with the guidelines and decisions taken by the Governing Council of the European Central Bank. The Executive Board ...
from 2014 to 2019. She previously served as vice-president of the Deutsche Bundesbank from 2011 to 2013.CV at Bundesbank.de
In 2022, Lautenschläger joined law firm Covington’s Frankfurt office as Senior Advisor.


Education and early career

Lautenschläger graduated with a
Staatsexamen The ("state examination" or "exam by state"; pl.: ''Staatsexamina'') is a German government licensing examination that future physicians, dentists, teachers, pharmacists, food chemists, psychotherapists and jurists (i.e., lawyers, judges, publi ...
from the
University of Bonn The Rhenish Friedrich Wilhelm University of Bonn (german: Rheinische Friedrich-Wilhelms-Universität Bonn) is a public research university located in Bonn, North Rhine-Westphalia, Germany. It was founded in its present form as the ( en, Rhine ...
in 1990. She began her career in banking supervision in 1995 at the Federal Banking Supervisory Office, the predecessor to today's
Federal Financial Supervisory Authority The Federal Financial Supervisory Authority (german: Bundesanstalt für Finanzdienstleistungsaufsicht, Bundesanstalt für Finanzdienstleistungsaufsicht) better known by its abbreviation BaFin is the financial regulatory authority for Germany. It ...
(BaFin) and served as a member of the
Basel Committee on Banking Supervision The Basel Committee on Banking Supervision (BCBS) is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten (G10) countries in 1974. The committee expanded its membership in 2009 a ...
between 2008 and early 2014.Jeff Black and Rainer Buergin (December 16, 2013)
Lautenschlaeger Hailed as Possible Successor to Asmussen at ECB
''
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''.


Vice President of Bundesbank, 2011–2013

Lautenschläger was appointed as vice president of the
Bundesbank The Deutsche Bundesbank (), literally "German Federal Bank", is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks (ESCB). Due to its strength and former size, the Bundesbank is the mos ...
in 2011, the first woman to hold that position. In that capacity, she was in charge of banking and financial supervision. She also served as member of the Financial Stability Committee of the
European System of Central Banks The European System of Central Banks (ESCB) is an institution that comprises the European Central Bank (ECB) and the national central banks (NCBs) of all 27 member states of the European Union (EU). Its objective is to ensure price stability t ...
between 2012 and early 2014. During her time at Bundesbank, Lautenschläger pushed for the ECB's stress tests on bank assets to be tough and credible, while calling for the euro region's prospective bank-resolution mechanism to have a strong legal basis. She has been among those who have warned about potential conflicts of interest when the ECB has responsibility for both monetary policy and banking supervision, and has argued against treating government bonds as risk-free assets on banks' books.Annika Breidthardt and Andreas Rinke (December 17, 2013)
Germany proposes Bundesbank deputy for ECB board seat
''
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''.
She also warned of the risks of keeping interest rates too low for too long. In line with the Bundesbank board, Lautenschläger consistently opposed the ECB's bond-buying plan, known as
Outright Monetary Transactions Outright Monetary Transactions ("OMT") is a program of the European Central Bank under which the bank makes purchases ("outright transactions") in secondary, sovereign bond markets, under certain conditions, of bonds issued by Eurozone member-state ...
(OMT).Jeff Black and Jonathan Stearns (January 14, 2014)
ECB Candidate Lautenschlaeger Backs Euro Bank-Failure Authority
''
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''.


Member of the Executive Board of the ECB, 2014–2019

Lautenschläger was nominated by the German government as a member of the
Executive Board of the European Central Bank The Executive Board of the European Central Bank is the organ responsible for implementing monetary policy for the Eurozone in line with the guidelines and decisions taken by the Governing Council of the European Central Bank. The Executive Board ...
in December 2013, succeeding
Jörg Asmussen Jörg Asmussen (born 31 October 1966) is a German economist and banker has been serving as Chief Executive Officer of the German Insurance Association (GDV) since 2020. Asmussen served as a member of the Executive Board of the European Central B ...
. At the time, Claudia Maria Buch and Elke König were cited by German media as contenders for the post. The eurozone governments were under pressure from MEPs to appoint a woman to the board, which had been all-male after Austria's Gertrude Tumpel-Gugerell left midway through 2011.ECB nomination
'' European Voice'', December 18, 2013.
Unlike her predecessor
Jörg Asmussen Jörg Asmussen (born 31 October 1966) is a German economist and banker has been serving as Chief Executive Officer of the German Insurance Association (GDV) since 2020. Asmussen served as a member of the Executive Board of the European Central B ...
, Lautenschläger has no formal party affiliation. Lautenschläger's nomination was welcomed by policymakers across the political spectrum. Her candidacy was endorsed by the
European Parliament Committee on Economic and Monetary Affairs The Committee on Economic and Monetary Affairs (ECON) is a committee of the European Parliament which is responsible for the regulation of financial services, the free movement of capital and payments, taxation and competition policies, oversight ...
on 13 January and by the full assembly on 16 January. Early on, commentators noted that Lautenschläger's regulatory experience could also make her an option for the deputy chair of the ECB's Supervisory Board, which must be filled by an executive board member. Since her appointment as Vice-Chair of the Supervisory Board in February 2014, Lautenschläger has – alongside Chairwoman
Danièle Nouy Danièle Nouy is a French public servant who served as Chair of the Supervisory Board at the European Central Bank from 1 January 2014 to 31 December 2018. In this capacity, she was regarded as the effective head of the Single Supervisory Mechanis ...
– also been responsible for the
Single Supervisory Mechanism The Single Supervisory Mechanism (SSM) is the first pillar of the European banking union and is the legislative and institutional framework that grants the European Central Bank (ECB) a leading supervisory role over banks in the EU. The ECB d ...
(SSM). She represents the SSM in the
Basel Committee on Banking Supervision The Basel Committee on Banking Supervision (BCBS) is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten (G10) countries in 1974. The committee expanded its membership in 2009 a ...
. In early September 2014,
Danièle Nouy Danièle Nouy is a French public servant who served as Chair of the Supervisory Board at the European Central Bank from 1 January 2014 to 31 December 2018. In this capacity, she was regarded as the effective head of the Single Supervisory Mechanis ...
and Lautenschläger became mentioned in media ahead of the results of sweeping stress tests that probed the balance sheets of the eurozone's largest lenders. By November 2014, Lautenschläger signaled she would oppose having the ECB purchase government bonds of eurozone countries unless there was a clear threat of persistent consumer price declines, thereby contradicting earlier message conveyed by ECB President
Mario Draghi Mario Draghi (; born 3 September 1947) is an Italian economist, academic, banker and civil servant who served as prime minister of Italy from February 2021 to October 2022. Prior to his appointment as prime minister, he served as President of ...
and his top deputy
Vítor Constâncio Vítor Manuel Ribeiro Constâncio, GCC, GCIH (born 12 October 1943) is a Portuguese economist and academic who served as Vice President of the European Central Bank from 2010 to 2018. He previously served as Governor of the Bank of Portugal fr ...
to bring inflation higher. Alongside
Bundesbank The Deutsche Bundesbank (), literally "German Federal Bank", is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks (ESCB). Due to its strength and former size, the Bundesbank is the mos ...
president
Jens Weidmann Jens Weidmann (born 20 April 1968) is a German economist who served as president of the Deutsche Bundesbank between 2011 and 2021. He also served as chairman of the Board of the Bank for International Settlements. Before moving to the Bundesbank, ...
, she later led the opposition in the Governing Council against the decision on 22 January 2015 to start large-scale bond-buying amid concerns it removes pressure from euro-area countries to reform their economies and boost competitiveness. By April 2015, she publicly called into question the effectiveness of the bond-buying program and also warned that low interest rates could lead to asset price bubbles. In November 2015, Lautenschläger again broke with normal etiquette to publicly criticise the bank's scheme of quantitative easing, saying that ever looser monetary policy had its limits and that money printing had yet to stabilize sinking price inflation, its formal goal. In September 2019, Lautenschläger quit the Executive Board of the ECB. The ECB did not say why Lautenschläger had quit, though speculation includes her opposition to loose monetary policy, the ending of her role on the Supervisory Board and the impending changes at the top the ECB. She became the third consecutive German board member to resign before the end of their full term.Thomas Escritt and Francesco Canepa (September 25, 2019)
ECB hawk Lautenschlaeger resigns amid policy backlash
 ''
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''.


Other activities


Regulatory agencies

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Financial Stability Board The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability Forum ...
(FSB), Ex-Officio Member of the Standing Committee on Supervisory and Regulatory Cooperation (2015-2019)


Non-profit organizations

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Alfried Krupp von Bohlen und Halbach Foundation __NOTOC__ The Alfried Krupp von Bohlen und Halbach Foundation (german: Alfried Krupp von Bohlen und Halbach-Stiftung) is a major German philanthropic foundation, created by and named in honor of Alfried Krupp von Bohlen und Halbach, former owner ...
, Member of the Board of Trustees


References


External links


Website at ''bundesbank.de''
{{DEFAULTSORT:Lautenschlager, Sabine 1964 births Businesspeople from Stuttgart Executive Board of the European Central Bank members Jurists from Baden-Württemberg Living people University of Bonn alumni