WASHINGTON, D.C.—On 19 May 2016, the Systemic Risk Council welcomes Jean-Claude Trichet as its newest member, joining Paul Volcker as a Senior Adviser to the Council.
Mr. Trichet, currently Chairman of the Group of 30 Consultative Group on International Economic and Monetary Affairs, served as President of the European Central Bank from 2003 to 2011, and as Governor of Banque de France for the 10 years before that. During that period he chaired, amongst many other bodies, the Basel-based group of Governors and Heads of Supervision that oversees the Basel Supervisors Committee.
Sir Paul Tucker, Chair of the Systemic Risk Council, expressed his pleasure at the news. “We are simply delighted that Jean-Claude Trichet joins the Systemic Risk Council as a senior adviser. One of the towering figures in global economic and financial policy, Jean-Claude’s counsel and advice will be invaluable to the SRC as we contribute to building a better regime for preserving financial stability. His involvement is a big step forward in making the Council international without diluting our focus on the US. ”
Sheila Bair, the founding chair of the SRC from 2012 to 2015 and Chair of the Federal Deposit Insurance Corporation from 2006 to 2011, noted that the addition of Mr. Trichet enhances the SRC’s status as a leading authority on systemic risk. “I worked with Jean-Claude during the global financial crisis beginning in 2007 and knew him as a reasoned and prudent defender of financial market stability. His addition to the Systemic Risk Council will only add to the group’s already important contribution to the safety and soundness of the global financial system.” Ms. Bair recently assumed the office of President of Washington College in Chestertown, Maryland.
Paul Volcker, Former Chairman of the Federal Reserve Board and Senior Advisor to the Systemic Risk Council, said, “I am very glad to welcome Jean-Claude Trichet alongside me as a Senior Adviser to this increasingly global council. Under the leadership of Sheila and now Paul, our Council has become a powerful voice for financial regulatory reform. Jean-Claude coming aboard underlines the international nature of the Council’s membership and work, and will help strengthen our voice around the world.”
Jean-Claude Trichet said: “I appreciate deeply the invitation of Sir Paul Tucker to join the Systemic Risk Council. It is a privilege for me to join him, Sheila Bair, and all the eminent members of the SRC. I consider it not only a great privilege but also an honour to join Paul Volcker as a Senior Adviser to the Council.”
Mr. Trichet currently serves as Chairman of the not-for-profit Group of 30 consultative group in Washington D.C. He is chair of the board of Bruegel, a Brussels-based think tank, and is the European chair of the Trilateral Commission.
The independent, non-partisan Systemic Risk Council (www.systemicriskcouncil.org) was formed in 2012 for the purpose of monitoring and encouraging regulatory reform of U.S. and global capital markets, with a focus on systemic risk. The Council is the creation of the CFA Institute and the Pew Charitable Trusts and is currently funded by the Institute which is a global association of more than 125,000 investment professionals who put investors’ interests first and set the standard for professional excellence in finance. Since 2014, it has added European members in order to increase its global expertise and reach.
The Council works collaboratively to seek agreement on each of its recommendations. The statements, documents, and recommendations of the private sector, volunteer Council do not necessarily represent the views of the CFA Institute.
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About Jean-Claude Trichet
Jean-Claude Trichet was President of the European Central Bank, the European Systemic Risk Board and the Global Economy meeting of Central Bank Governors in Basel until the end of 2011.
Previously, he was in charge of the French Treasury for six years and was Governor of the Banque de France for ten years. Earlier in his career, he held positions within the French civil service, including in the Inspectorate Generale des Finances, the Treasury department and as an advisor to the President of France for microeconomics, energy, industry and research (1978-81).
Mr. Trichet graduated from the École des Mines de Nancy, the Institut d’Études Politiques de Paris and the University of Paris in Economics. He is a Doctor Honoris Causa of several universities and an alumnus of the École Nationale d’Administration.