Michel Stubbe

Michel leads the Division responsible for the settlement and post-trade tasks related with the ECB´s non-standard outright monetary policy and investment portfolios, for the correspondent banking services provided to the EU Institutions, and for the coordination of the Euro Reserve Management Services provided to third country central banks. For all tasks, and irrespective of derogations given to central banks, Michel’s division watches the ongoing regulatory developments, e.g. in order to avoid unnecessary costs to counterparties by not being aligned with technical aspects of the regulations.
His division has implemented new processes, procedures and technology allowing to absorb smoothly the very strong increase in outright purchase business implied by the ECB’s QE Asset Purchase Programmes, reducing operational risk and increasing efficiency.
In the DG Market Operations of the ECB, reflecting the daily interaction with both regulators and market participants, Michel combines a very good view about the need and objectives of financial regulation from the perspective of monetary policy implementation and financial stability, with a very good understanding of the benefits and costs of financial regulation for the financial markets.