The ECB Perspective of the Financial Crisis
Evangelos is currently deputy head of the Risk Management Division in the European Central Bank (ECB). Since January 1, 1999, the ECB has been responsible for conducting monetary policy for the Euro area—the world’s largest economy after the United States. The ECB’s primary objective is to maintain the euros' purchasing power and thus price stability in the Euro area. The Risk Management Division in the ECB is responsible for managing the financial risks of the full range of the ECB’s market operations. These tasks include market, credit, and liquidity risk management for the asset management activities of the ECB's investment portfolios, consisting of about of €50 billion in foreign reserves and gold holdings and about €10 billion in Euro-denominated assets under active management. In addition, the Division manages the risks of the Eurosystem’s credit operations, the operations providing liquidity to the banking system in the Euro area, which amounted to €830 billion at the end of 2008. This task includes the monitoring of the credit assessment and valuation of over €11 trillion of assets eligible to collateralise these operations. This presentation was given on October 10, 2009. View the keynote speech from this event, which was given by Jon Moynihan SM '77.
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