Econostrum | Economic News in the Mediterranean

Frenchman François-Louis Michaud appointed Executive Director of the European Banking Authority

Written by Frédéric Dubessy on Friday, July 10th 2020 à 12:20 | Read 141 times

Frenchman François-Louis Michaud appointed Executive Director of the European Banking Authority
EU. On Wednesday 8 July 2020, at the plenary session in Brussels, MEPs confirmed François-Louis Michaud as the new Executive Director of the European Banking Authority (EBA) by 343 votes in favour, 296 against and 56 abstentions. He succeeds the Hungarian Adam Farkas who left the EBA in January 2020 to join the Financial Markets Association in Europe, a financial industry lobby.

The Parliament's Economic and Monetary Affairs Committee had, however, issued a negative opinion (by a narrow majority: 24 against, 23 in favour and 10 abstentions) on this candidacy, denouncing a lack of gender equality in the process. The MEPs did not take this into account. The Parliament's press release simply stated: "the plenary did not, however, follow the committee's recommendation". In his acceptance speech, François-Louis Michaud however specified: "One of my main priorities as executive director will be to ensure gender balance at all levels of the organisation".

A graduate of the Banque de France (1996-2000) and seconded to the Federal Reserve Bank of New York (2000-2004), François-Louis Michaud is currently Deputy Director General at the European Central Bank (ECB), which he joined on 1 March 2014. He holds degrees in economics, finance and philosophy.
His term of office at the EBA is five years renewable.

The EBA left its London headquarters for Brexit to move to the Europlaza Tower in the La Défense district, west of Paris.

Established in January 2011, the European Banking Authority is an independent authority of the European Union whose role is "to ensure an effective and consistent level of prudential regulation and supervision throughout the European banking sector", as stated in its statutes. It employs some 200 staff.


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