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Professor Portes appointed Vice-Chair of ESRB Advisory Committee

Richard Portes, Professor of Economics (CBE FBA) and President of the Centre for Economic Policy Research (CEPR), has been appointed Vice-Chair of the Board’s advisory committee and will take over as Chair in 2017.

Professor Portes says: “Macroprudential regulation of financial institutions is at the heart of efforts to reduce the risk of financial crises and mitigate their effects. It is especially important in the current environment of very low interest rates and pressures to keep them down in Europe. The ESRB is the European Union’s macroprudential authority, so serving it now is a challenging and rewarding task.’

The European Systemic Risk Board (ESRB) is responsible for the policy framework for macroprudential regulation in the EU.

The Advisory Scientific Committee (ASC) provides advice and assistance on issues relevant to the work of the ESRB. It consists of 15 experts representing a wide range of skills and experiences.

Professor Portes is already Co-Chair of the ESRB’s Joint Expert Group on Shadow Banking. He has published widely on sovereign debt issues and credit default swaps and has argued compellingly for regulation of derivatives markets.

Portes founded the Centre for Economic Policy Research (CEPR) in 1983 and is its President. He was a Rhodes Scholar and then a Fellow of Balliol College, Oxford, where he was recently elected an Honorary Fellow. He is also an elected Fellow of the Econometric Society and the British Academy and was the longest serving Secretary-General of the Royal Economic Society (1992–2008) since John Maynard Keynes.