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The appointments mark a trend of turning to outsiders as the 16-year-old institution struggles to meet changing responsibilities with existing staff.
“People like Draghi have much more interest in how markets and supervision affect monetary policy than the old school,” said Anatoli Annenkov, senior European economist at Societe Generale in London. “It’s a reflection of the problems that the ECB is facing.”
Sergio Nicoletti Altimari, 51, a Bank of Italy financial-markets official who worked closely with Draghi during the latter’s time as governor there, will become director general for macroprudential policy and financial stability from Jan. 1.
Luc Laeven, a Belgian economist at the International Monetary Fund with a track record of analyzing financial crises, will become director general for research by March.
The appointments were confirmed by the ECB’s Governing Council last week. Both men declined to comment.
About 900 new staff have been hired so far who will be dedicated to oversight, and the role also brings the authority to promote financial stability throughout the economy with measures such as higher capital buffers or increased risk-weightings on lenders’ assets.
This macroprudential policy was born out of the gradual recognition that the financial system isn’t always rational, and so someone needs to be watching for the emergence of risks that could escalate and broaden.