{{Short description|Belgian economist (born 1949)}} {{Infobox officeholder |name = Peter Praet |image = Peter Praet 2016 (cropped).jpg |office = Chief Economist of the European Central Bank |president = Mario Draghi |term_start = 1 January 2012 |term_end = 31 May 2019 |predecessor = Jürgen Stark |successor = Philip R. Lane |office2 = Member of the Executive Board of the European Central Bank |term_start2 = 1 June 2011 |term_end2 = 31 May 2019 |predecessor2 = Gertrude Tumpel-Gugerell |successor2 = Philip R. Lane |birth_date = {{birth date and age|1949|1|20|df=y}} |birth_place = Herchen, Germany |death_date = |death_place = |education = Université libre de Bruxelles }} '''Peter Praet''' (born 20 January 1949 in Herchen near Eitorf, North Rhine-Westphalia, Allied-occupied Germany) is a Belgian economist who served as a member of the Executive Board of the European Central Bank from 2011 to 2019 and concurrently as ECB chief economist following his 2012 appointment.<ref>[http://diplomatie.belgium.be/en/newsroom/belgium_unlimited/international/2011/ni_2011-02-16_praet.jsp Belgian Peter Praet chosen to enter European Central Bank’s Executive Board - Newsroom - Homepage - Foreign Affairs, Foreign Trade and Development Cooperation] {{dead link|date=March 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>[https://www.faz.net/aktuell/wirtschaft/eilmeldung-peter-praet-wird-neuer-chefvolkswirt-der-ezb-11590144.html Erstmals kein Deutscher: Belgier Peter Praet wird neuer Chefvolkswirt der EZB - Wirtschaft - FAZ]</ref>
Within the ECB, Praet was widely considered to be centrist on monetary policy with a “dovish” tilt, meaning he was more likely to take growth prospects into account in the conduct of monetary policy than strict inflation “hawks” do.<ref>Catherine Evans (February 14, 2011), [https://www.reuters.com/article/ecb-board-praet-idUSLDE71D1YQ20110214 EU ministers choose Belgian Praet for ECB board job] ''Reuters''.</ref>
==Early life and education== Praet is half-Belgian and half-German, his father being from Belgium and his mother from Germany. He graduated from Université libre de Bruxelles, with a BA in economics, an MA in economics in 1972, and PhD in economics in 1980.<ref>[http://www.ecb.int/ecb/orga/decisions/html/cvpraet.en.html ECB: Peter Praet]</ref>
==Career== Praet was chief economist for Fortis Bank.<ref>[http://www.europeanvoice.com/article/imported/profile-tough-talking-euro-group-chief/41748.aspx PROFILE: Tough-talking Euro Group chief | European Voice]</ref> Between 1999 and 2000, he served as chief of staff to Belgian Finance Minister Didier Reynders.<ref>Tim Jones (June 8, 2011), [http://www.politico.eu/article/free-wheeling-economist/ Free-wheeling economist] ''European Voice''.</ref> In this capacity, his main task was to lay the ground for Reynders’ Eurogroup presidency in 2001 and oversee the country's most ambitious tax-reform plan in decades.<ref>Tim Jones (November 29, 2000), [http://www.politico.eu/article/profile-tough-talking-euro-group-chief/ Tough-talking Euro Group chief] ''European Voice''.</ref>
Praet was executive director of the National Bank of Belgium from 2000 to 2011. He was also a member of the Basel Committee on Banking Supervision and an alternate member of the Bank for International Settlements' Global Economy Meeting.<ref>Catherine Evans (February 14, 2011), [https://www.reuters.com/article/ecb-board-praet-idUSLDE71D1YQ20110214 EU ministers choose Belgian Praet for ECB board job] ''Reuters''.</ref> At the same time, he was professor of Monetary Economics at the Solvay Brussels School of Economics and Management.<ref>{{Cite web|url=http://www.solvay.edu/news/post/peter-praet-becomes-economist-chief-ecb|title = Solvay Brussels School - Economics & Management}}</ref>
===European Central Bank, 2011–2019=== Before his appointment, Praet was nominated several times by the Belgian government to join the ECB Board. In 2004, his candidacy failed when the German, French, Italian and Spanish governments agreed the biggest Eurozone countries should always have a national member on the six-member board, and therefore chose José Manuel González-Páramo. In 2010, when Praet was proposed to the bank's vice-presidency, governments agreed that the position should go to a sitting governor of a central bank and not, as Praet then was, a director;<ref>Tim Jones (June 8, 2011), [http://www.politico.eu/article/free-wheeling-economist/ Free-wheeling economist] ''European Voice''.</ref> as a consequence, Vítor Constâncio was chosen by the European Council to replace Lucas Papademos as vice-president.<ref>Jim Brunsden (February 15, 2010), [http://www.politico.eu/article/portugal-wins-vice-presidency-of-ecb/ Portugal wins vice-presidency of ECB] ''European Voice''.</ref> In 2011, Praet replaced Gertrude Tumpel-Gugerell; the other candidate for the position had been Elena Kohútiková.<ref>Simon Taylor (February 14, 2011), [http://www.politico.eu/article/belgian-chosen-for-ecb-post/ Belgian chosen for ECB post] ''European Voice''.</ref><ref>Catherine Evans (February 14, 2011), [https://www.reuters.com/article/ecb-board-praet-idUSLDE71D1YQ20110214 EU ministers choose Belgian Praet for ECB board job] ''Reuters''.</ref>
Praet's appointment as ECB chief economist, which prepares recommendations on interest rate decisions<ref>Ralph Atkins (January 3, 2012), [http://www.ft.com/intl/cms/s/0/c1b01626-362e-11e1-a3fa-00144feabdc0.html Draghi risks German ire on top job] ''Financial Times''.</ref> superseded recommendations in favor of French and German counterparts.<ref>Wishart, Ian, [http://www.europeanvoice.com/article/2012/january/belgium-s-praet-named-as-ecb-chief-economist/73089.aspx "Peter Praet named as ECB chief economist" (log in required)], ''EuropeanVoice.com'', January 3, 2012.</ref><ref>Mahler, Armin, [http://www.spiegel.de/international/business/0,1518,807069,00.html "Draghi Walks the Tightrope of National Sensitivities"], analysis, ''Spiegel'', January 4, 2012.</ref> It was the first time in the bank's then 13-year history that the economics portfolio was given to a non-German.<ref>Ralph Atkins (January 3, 2012), [http://www.ft.com/intl/cms/s/0/c1b01626-362e-11e1-a3fa-00144feabdc0.html Draghi risks German ire on top job] ''Financial Times''.</ref>
Peter Praet retired in June 2019 after an eight-year run at the ECB.<ref>{{cite web| url = https://www.imf.org/external/pubs/ft/fandd/2019/09/peter-praet-on-ECB-and-euro-crisis-christie-trenches.htm| url-status = dead| archive-url = https://web.archive.org/web/20191217184546/https://www.imf.org/external/pubs/ft/fandd/2019/09/peter-praet-on-ECB-and-euro-crisis-christie-trenches.htm| archive-date = 2019-12-17| title = Former ECB Chief Economist Peter Praet on the Euro Crisis – IMF F&D;}} </ref>
==Other activities== * Bruegel, member of the board of trustees (2004–2011) * Brussels Finance Institute (BFI), member of the academic advisory board (2010–2011) * European Policy Centre (EPC), member of the board (2004–2007)
==References== {{reflist}}
{{s-start}} {{s-gov}} {{s-bef|before=Gertrude Tumpel-Gugerell}} {{s-ttl|title=Member of the Executive Board of the European Central Bank|years=2011–2019}} {{s-aft|rows=2|after=Philip R. Lane}} |- {{s-bef|before=Jürgen Stark}} {{s-ttl|title=Chief Economist of the European Central Bank|years=2012–2019}} {{s-end}}
{{ECB board}} {{Authority control}}
{{DEFAULTSORT:Praet, Peter}} Category:1949 births Category:Belgian economists Category:Living people Category:Executive Board of the European Central Bank members