Asia-Europe Macro Links: Opportunities and Spillovers | Asian Development Bank
Joint Seminar with the International Monetary Fund

Asia-Europe Macro Links: Opportunities and Spillovers

Tuesday, 3 May 2016, 11:00 am–12:30 pm, Harmonie Hall C1/C2

Globalization has strengthened the macroeconomic links between Asia and Europe, supporting growth on both sides. Yet a sudden shock in Europe could spill over to Asia’s financial markets. Or moderating growth in the People’s Republic of China could hamper Europe’s fragile recovery. What are the risks of closer macro ties between the two regions and how can they be mitigated? What do Asia’s economic managers in Asia need to know to better manage the spillovers from macroeconomic links with Europe? Panelists will analyze the benefits and risks, and discuss ways to maximize the former while containing the latter.


Andreas Dombret Board member, Bundesbank

Since 2010 Andreas Dombret has been a member of the Executive Board of the Deutsche Bundesbank, where he is in charge of financial stability, statistics and risk control. He is a member of the Basel Committee on Banking Supervision, the Supervisory Board of the Single Supervisory Mechanism and the German Financial Stability Committee. From 2005 to 2009, Dombret was Vice Chairman of Bank of America Global Investment Banking in Europe, the Middle East and Africa as well as Head of the German, Austrian and Swiss branches. Prior to joining Bank of America, Dombret was a Managing Director and the Co-Head of Rothschild Germany. He spent 10 years with JP Morgan and was a Managing Director in the Investment Banking Division covering German clients.

Mitsuhiro Furusawa Deputy Managing Director, International Monetary Fund

Mitsuhiro Furusawa assumed office as Deputy Managing Director of the International Monetary Fund on March 2, 2015. He joined the IMF after a distinguished career in the Japanese government, including several senior positions in the Ministry of Finance in recent years. Immediately before coming to the Fund, he served as Special Advisor to Japanese Prime Minister Shinzo Abe and Special Advisor to the Minister of Finance. Among his recent ministry postings, he served as Vice Minister of Finance for International Affairs (2013-2014), Director-General of the Financial Bureau (2012-2013), and Senior Deputy Director-General of the International Bureau (2009-2010).

His overseas postings for the Japanese government have included IMF Executive Director (2010-2012), Minister (Finance) at the Embassy of Japan in the United States (2007-2009), and Counselor (Finance) at the Embassy of Japan in France (1997-1999). A 1979 graduate of the University of Tokyo with an LL.B. degree, he also graduated in 1983 from the École Nationale d’Administration in Paris.

Haihong Gao Senior Fellow and Head, Department of International Finance, Institute of World Economics and Politics, Chinese Academy of Social Sciences

Haihong Gao is the senior fellow and director of Research Center for International Finance, Institute of World Economics and Politics, Chinese Academy of Social Sciences. She is also the lead fellow of the CASS project "China’s Role in Reconstructing International Financial System," guest professor at China Foreign Affairs University, and standing director of the council, China Society of World Economy. She was appointed chief economist of the Network of East Asian Think-Tanks, China Working Group. She has led numerous research projects sponsored by China Ministry of Finance, People’s Bank of China, and China’s National Social Science Fund, and others. She has published books and papers regarding reform of international monetary system, the RMB internationalization and regional financial cooperation, etc. She holds BA and MA degrees in Economics from Peking University, and MSc in International Money, Finance and Investment from Durham University, UK. She was a visiting scholar at University of California at Davis, USA, and visiting fellow at Institute of Southeast Asian Studies, Singapore.

Paul Gruenwald Managing Director and Chief Economist, Asia-Pacific, Standard & Poor’s Ratings Services

Paul Gruenwald is the Chief Asia-Pacific Economist at Standard & Poor’s Ratings Services. Based in Singapore, he leads the economic research agenda and serves as the primary spokesperson on macro-economic matters across the region.

Before joining Standard & Poor’s, Mr. Gruenwald spent almost five years at Australia and New Zealand Banking Group (ANZ) as the Asia-Pacific Chief Economist, where he was responsible for helping set and direct ANZ’s Asian and global economic research agenda, as well as building the bank’s economic research efforts and profile in the region. Previously, Mr. Gruenwald worked at the International Monetary Fund (IMF) for nearly 16 years, where he led the team producing the IMF’s Asian regional outlook reports. He was also the IMF Resident Representative to Hong Kong and Korea, the Deputy Chief of the China Division, and the country desk officer for Australia.

Yves Mersch Member of the Executive Board, European Central Bank

Yves Mersch is a member of the Executive Board of the European Central Bank (ECB). His eight-year term started on 15 December 2012. He was Governor of the Banque centrale du Luxembourg from 1 June 1998 to 14 December 2012. He has been a member of the Governing Council and the General Council of the ECB since its creation in 1998. He is the longest- serving founding member of these two decision-making bodies.

After obtaining post-graduate degrees in international public law and political science, Mersch started his career at the Luxembourg Ministry of Finance in 1975. Before joining the Permanent Representation of Luxembourg to the United Nations in New York in 1980, he was seconded to the International Monetary Fund in Washington. Upon his return to Luxembourg in 1981, he worked at the Ministry of Finance. From 1985 to 1989 he was Government Commissioner in charge of oversight of the Luxembourg stock market. Between 1983 and 1999 he was a member of the Council of the Luxembourg Monetary Institute, Luxembourg’s banking supervisory authority. As Personal Representative of the Minister of Finance, Mersch contributed to the design of the Maastricht Treaty. In 2013 Mr Mersch joined the Scientific Advisory Board of the Systemic Risk Centre at the London School of Economics and Political Science, and in 2014 was appointed Honorary Professor at the University of Luxembourg. As of 2015 Mr Mersch became a member of the Central Bank Governance Group at the Bank for International Settlements.

Takehiko Nakao President, ADB

Takehiko Nakao is the President of ADB and the Chairperson of ADB's Board of Directors. He was elected President by ADB's Board of Governors and assumed office in April 2013.

Before joining ADB, Nakao was the vice minister of finance for international affairs at the Ministry of Finance of Japan.


Stefania Palma Asia Editor, Financial Times’ The Banker magazine

Stefania Palma is Asia Editor of The Banker. Travelling extensively in the region, she undertakes field research on local economies and financial markets. Prior to joining The Banker, she oversaw the coverage of growing non-US dollar, non-euro bond markets throughout the Eurozone sovereign crisis at Global Capital. She joined The Banker after reading for an MPhil in Modern Chinese Studies at the University of Oxford, during which she completed archival research and a language exchange at Peking University (北京大学). She has a BSc in Economics from the School of Oriental and African Studies, UK, where she first started studying Mandarin Chinese.


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