# Peter Praet

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{{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](/source/European_Central_Bank)
|president    = [Mario Draghi](/source/Mario_Draghi)
|term_start   = 1 January 2012
|term_end     = 31 May 2019
|predecessor  = [Jürgen Stark](/source/J%C3%BCrgen_Stark)
|successor    = [Philip R. Lane](/source/Philip_R._Lane)
|office2      = Member of the [Executive Board of the European Central Bank](/source/Executive_Board_of_the_European_Central_Bank)
|term_start2  = 1 June 2011
|term_end2    = 31 May 2019
|predecessor2 = [Gertrude Tumpel-Gugerell](/source/Gertrude_Tumpel-Gugerell)
|successor2   = Philip R. Lane
|birth_date   = {{birth date and age|1949|1|20|df=y}}
|birth_place  = [Herchen](/source/Windeck), [Germany](/source/Allied-occupied_Germany)
|death_date   = 
|death_place  = 
|education    = [Université libre de Bruxelles](/source/Universit%C3%A9_libre_de_Bruxelles)
}}
'''Peter Praet''' (born 20 January 1949 in [Herchen](/source/Herchen_station) near [Eitorf](/source/Eitorf), [North Rhine-Westphalia](/source/North_Rhine-Westphalia), [Allied-occupied Germany](/source/Allied-occupied_Germany)) is a Belgian economist who served as a member of the [Executive Board of the European Central Bank](/source/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](/source/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](/source/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](/source/Universit%C3%A9_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](/source/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](/source/Didier_Reynders).<ref>Tim Jones (June 8, 2011), [http://www.politico.eu/article/free-wheeling-economist/ Free-wheeling economist] ''[European Voice](/source/European_Voice)''.</ref> In this capacity, his main task was to lay the ground for Reynders’ [Eurogroup](/source/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](/source/European_Voice)''.</ref>

Praet was executive director of the [National Bank of Belgium](/source/National_Bank_of_Belgium) from 2000 to 2011. He was also a member of the [Basel Committee on Banking Supervision](/source/Basel_Committee_on_Banking_Supervision) and an alternate member of the [Bank for International Settlements](/source/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](/source/Reuters)''.</ref> At the same time, he was professor of [Monetary Economics](/source/Monetary_economics) at the [Solvay Brussels School of Economics and Management](/source/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](/source/Executive_Board_of_the_European_Central_Bank). 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](/source/Jos%C3%A9_Manuel_Gonz%C3%A1lez-P%C3%A1ramo). 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](/source/European_Voice)''.</ref> as a consequence, [Vítor Constâncio](/source/V%C3%ADtor_Const%C3%A2ncio) was chosen by the [European Council](/source/Council_of_the_European_Union) to replace [Lucas Papademos](/source/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](/source/European_Voice)''.</ref> In 2011, Praet replaced [Gertrude Tumpel-Gugerell](/source/Gertrude_Tumpel-Gugerell); the other candidate for the position had been [Elena Kohútiková](/source/Elena_Koh%C3%BAtikov%C3%A1).<ref>Simon Taylor (February 14, 2011), [http://www.politico.eu/article/belgian-chosen-for-ecb-post/ Belgian chosen for ECB post] ''[European Voice](/source/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](/source/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](/source/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](/source/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](/source/Bruegel_(institution)), member of the board of trustees (2004–2011)
* Brussels Finance Institute (BFI), member of the academic advisory board (2010–2011)
* [European Policy Centre](/source/European_Policy_Centre) (EPC), member of the board (2004–2007)

==References==
{{reflist}}

{{s-start}}
{{s-gov}}
{{s-bef|before=[Gertrude Tumpel-Gugerell](/source/Gertrude_Tumpel-Gugerell)}}
{{s-ttl|title=Member of the [Executive Board of the European Central Bank](/source/Executive_Board_of_the_European_Central_Bank)|years=2011–2019}}
{{s-aft|rows=2|after=[Philip R. Lane](/source/Philip_R._Lane)}}
|-
{{s-bef|before=[Jürgen Stark](/source/J%C3%BCrgen_Stark)}}
{{s-ttl|title=Chief Economist of the [European Central Bank](/source/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

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Adapted from the Wikipedia article [Peter Praet](https://en.wikipedia.org/wiki/Peter_Praet) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Peter_Praet?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.