Advisory Committee

The Steering Committee has appointed an Advisory Committee of independent and experienced experts to provide an external monitoring role and periodic advice to the ADEMU Consortium. Furthermore, it will monitor the policy recommendations extracted from each of the work packages and validate the final policy recommendations guide. The ADEMU Advisory Committee members are:

Committee Member Profiles (alphabetical)

Sir Charles Bean was Deputy Governor from July 2008 until June 2014. Prior to that, he was Executive Director and Chief Economist from October 2000. In addition to his membership of the Monetary Policy Committee and Financial Policy Committee, he has specific responsibility within the Bank for Monetary Policy, including monetary analysis and market operations.

After working at HM Treasury, Charlie Bean joined the London School of Economics as a lecturer in 1982, becoming Professor of Economics in 1990 and Head of Department in 1999. He was visiting Professor at Stanford University in 1990. He has published widely, in both professional journals and more popular media, on European unemployment, on European Monetary Union, and on macroeconomics generally. He has served on the boards of several academic journals, and was Managing Editor of the Review of Economic Studies (1986-90). He has also served in a variety of public policy roles, including: as consultant to HM Treasury; as special adviser to both the Treasury Committee of the House of Commons, and to the Economic and Monetary Affairs Committee of the European Parliament; and as special adviser to the House of Lords enquiry into the European Central Bank.


José Manuel Campa holds a Ph.D. and a master degree in economics from Harvard University. Currently, he is Professor of Financial Management and International Economics at the University of Navarra-IESE.

Between 2009 and 2011 Campa served as Secretary of State for the Economy in the Ministry of Economy and Finances of Spain, a position that allowed him to be one of the heads of the Spanish economy in times of great responsibility. He specializes in international finance and macroeconomics and has been professor of strategy and financial management courses in financial institutions like Goldman Sachs, Citibank, ABN Amro, BBVA and Santander.

Mr. Campa has also been a consultant to a large number of international organizations, including the International Monetary Fund, the Inter-American Development Bank, the Bank of International Settlements in Basel, and the European Commission. He currently serves in the Expert Group, chair by Mr. Erkki Liikanen, evaluating policy recommendations on structural reforms for the European Banking industry.

He has also taught at the Stern School of Business of New York University; Harvard University; and at Columbia University. He has been Research Associate at the National Bureau of Economic Research and Research Fellow at the Center for Economic Policy Research and is a member of the board of Bruegel. He has also served as an expert for the Spanish justice, at the Spanish Court of Arbitration, and at international courts of arbitration in Paris, Geneva, New York and the Netherlands.


Thomas F. Cooley is the Paganelli-Bull Professor of Economics at the Leonard N. Stern School of Business at New York University, as well as a Professor of Economics in the NYU Faculty of Arts and Science. He served as Dean of the Stern School from 2002 to January 2010. Before joining Stern, he was a Professor of Economics at the University of Rochester, University of Pennsylvania, and UC Santa Barbara. Prior to his academic career, he was a systems engineer for IBM Corporation. He is a Research Associate of the National Bureau of Economic Research and a member of the Council on Foreign Relations. He is also the former President of the Society for Economic Dynamics, a Fellow of the Econometric Society and holds an honorary doctorate from the Stockholm School of Economics. He is a widely published scholar in the areas of macroeconomic theory, monetary theory and policy and the financial behavior of firms. He also frequently writes opinion pieces for a variety of economic and business publications. Responding to the financial crisis of fall 2008, he spearheaded a research and policy initiative that yielded 18 white papers by 33 NYU Stern professors, published as Restoring Financial Stability: How to Repair a Failed System, (Wiley, 2009). Together with Stern colleagues he is currently editing and writing a book, Regulating Wall Street, The New Architecture of Global Finance, published by Wiley in 2010. He is the co-editor of the Cooley-Rupert US and European Economic Snapshot, which provides quarterly information on the state of these economies.


Jean-Pierre Danthine earned a Master’s Degree in Economics at the Université Catholique de Louvain (Belgium) and a PhD in Economics at the Carnegie Mellon University in Pittsburgh, Pennsylvania. From 1980 to 2009, he was Professor of Macroeconomics and Finance at the University of Lausanne, Switzerland. He taught at Columbia University, New York, and was visiting professor at the Graduate Center of the City University of New York, the University of Southern California, Los Angeles, Université Laval, Québec, as well as the universities of Aix-Marseille, Toulon and Dijon.

Jean-Pierre Danthine is a Fellow of the European Economic Association and member of the Academia Europaea. He was Managing Director of the Swiss Finance Institute from 2006 to 2009. Previously, he was the Director of the International Center for Financial Asset Management and Engineering, Lausanne and Geneva, Vice-Rector of the University of Lausanne, Chairman of its Département d’économétrie et d’économie politique and Director of its Institute of Banking and Financial Management, now the Institute of Banking and Finance. He was also a member of the Executive Committee of CEPR, of the Macroeconomic Policy Group of the Centre for European Policy Studies (CEPS), Brussels, and of the Scientific Council of the European Science Foundation Network in Financial Markets. Furthermore, he was Associate Editor of the European Economic Review, the Journal of Empirical Finance, the Revue Finance, the Finance Research Letters and Macroeconomic Dynamics. He has published numerous academic papers in leading international journals.

With effect from the beginning of 2010, the Swiss Federal Council has appointed Jean-Pierre Danthine a member of the Swiss National Bank’s Governing Board and Head of Department III (Financial Markets, Banking Operations and Information Technology). On 18 April 2012, he was appointed Vice Chairman of the Governing Board by the Federal Council and thereby also Head of Department II (Financial Stability, Cash, Finance and Risk).

Jean-Pierre Danthine is the Chairman of the Foundation Council of the SNB’s Study Center Gerzensee, a member of the Supervisory Council of the Geneva Finance Research Institute at the University of Geneva, and also a member of the Board of Directors of the International Journal of Central Banking.


Lars Peter Feld holds the chair for Economic Policy and Constitutional Economics at Albert-Ludwigs-University of Freiburg since 2010 and is the current president of the Walter Eucken Institute. His research focuses on economic and fiscal policies, the emerging field of New Political Economy, and the economic analysis of law.

After his studies in economics Lars P. Feld graduated from University of St. Gallen in 1999 and qualified for a professorship in 2002. From 2002 to 2006, he worked as a professor of economics, with a focus on public finance, at Philipps-University Marburg. From 2006 to 2010 Feld held a similarl position at Ruprecht-Karls-University Heidelberg . He is a permanent guest professor at the Center for European Economic Research (ZEW) in Mannheim, as well as a member of Leopoldina (the German National Academy of the Sciences), the Scientific Council of the think tank Stiftung Marktwirtschaft, and the Mont Pelerin Society.

Since 2003, Lars P. Feld has been a member of the Scientific Advisors to the Federal Ministry of Finance. In 2007, he was named an expert to the Bundesrat and Bundestag commission for the modernization of federal financial relations (Federalism Commission II) and contributed as an advisor on the subject of the new German debt brake measures. In March 2011 Feld was, at the recommendation of the federal government, appointed to the German Council of Economic Experts.


Lucrezia Reichlin is Professor of Economics at the London Business School, non-executive director of UniCredit Banking Group and AGEAS Insurance Group. She is Chair of the Scientific Council at the Brussels based think-tank Bruegel as well as a member of the Commission Economique de la Nation (advisory board to the French finance and economics ministers). Between March 2005 and September 2008 she served as Director General of Research at the European Central Bank. She is Chairman and co-founder of Now-Casting Economics ltd. She is a columnist for the Italian national daily Il Corriere della Sera.

Reichlin has been an active contributor to the life of the Centre for Economic Policy Research (CEPR) over the years. She has been research director in 2011-2013, first Chairman of the CEPR Euro Area Business Cycle Dating Committee, co-founder and scientist in charge of the Euro Area Business Cycle Network.

Reichlin received a Ph.D. in economics from New York University. She has held a number of academic positions, including Professor of Economics at the Université Libre de Bruxelles. She has also been a consultant for several Central Banks around the world, including the Board of Governors of the Federal Reserve. She is a Fellow (elected) of the British Academy, a Fellow of the European Economic Association and member of the council of the Royal Economic Society. She is on the advisory board of several research and policy institutions around the world.

Reichlin has published numerous papers on econometrics and macroeconomics. She is an expert on forecasting, business cycle analysis and monetary policy. She pioneered now-casting in economics by developing econometrics methods capable of reading the real time data flow through the lenses of a formal econometric model. These methods are now widely used by central banks and private investors around the world. Her papers have appeared in top scientific journals, including the American Economic Review, Review of Economic Studies, Review of Economics and Statistics, Journal of Econometrics, Journal of Monetary Economics and Journal of the American Statistical Association.


Thomas J. Sargent (PhD, Harvard University) joined New York University in 2002. He was awarded the 2011 Nobel Prize in Economics, shared with Princeton University’s Christopher Sims, for his empirical research on cause and effect in the macroeconomy.

Professor Sargent was a professor of economics at the University of Minnesota from 1975 to 1987, the David Rockefeller Professor at the University of Chicago from 1992 to 1998 and the Donald Lucas Professor of Economics at Stanford University from 1998 to 2002. He has been a senior fellow at the Hoover Institution since 1987.

Professor Sargent was elected a fellow of the National Academy of Sciences and a fellow of the American Academy of Arts and Sciences, both in 1983. He is past president of the Econometric Society, the American Economic Association and the Society for Economic Dynamics.

Among his books are Rational Expectations and Econometric Practice, with Robert E. Lucas Jr., University of Minnesota Press, 1981; The Big Problem of Small Change, with Francois Velde, Princeton University Press, 2002; Recursive Macroeconomic Theory, with Lars Ljungqvist, MIT Press, 2004; and Robustness, with Lars Peter Hansen, Princeton University Press, 2008.


René Smits is Professor of the Law of the Economic and Monetary Union (EMU) at the University of Amsterdam, and a consultant on EMU law, EU banking regulation and financial sector supervision and competition law. In September 2013, Professor Smits was appointed as an assessor in the Competition College of the Belgian Competition Authority. In September 2014, the ECB’s Governing Council appointed him as an alternate member of the Administrative Board of Review, a review panel for the ECB’s supervisory decisions.

For many years, Professor Smits worked for the central bank and the competition authority of the Netherlands. He worked for De Nederlandsche Bank N.V. (DNB, the Dutch central bank) in Amsterdam for 24 years and was its general counsel (1989-2001). In this position, Professor Smits was responsible for legal advice on central-bank related subjects, with a focus on EC banking directives, the IMF and the preparations for economic and monetary union, as well as on in-house corporate affairs. He was also a member of the Legal Committee of the European System of Central Banks.

From late 2001 until early 2014, Professor Smits worked at the Netherlands Competition Authority (Nederlandse Mededingingautoriteit, or NMa) in The Hague, first as director of the authority’s legal department (2001-2004), then as Chief Legal Counsel (2004-2013), giving legal advice to the NMa’s Board and its departments and finally as strategic legal counsel at the Authority Consumers & Markets (Autoriteit Consument & Markt, or ACM), the successor to NMa (2013-2014).

Professor Smits has held a Jean Monnet Chair at the University of Amsterdam since 2000 and is a Visiting Professorial Fellow at the Centre for Commercial Law Studies at Queen Mary, University of London.

Professor Smits is a member of the Committee on International Monetary Law of the International Law Association (Mocomila) and of the editorial board of Legal Issues of Economic Integration. He is the author of numerous publications on EU monetary law and banking regulation and supervision and the institutional arrangements for central banking. His doctoral thesis, The European Central Bank – Institutional Aspects was published by Kluwer Law International, in 1997 and reprinted in 2000.