Document Type

Lessons Learned

JEL Codes

G01, G31


From 2001 to 2008, Klaus Regling was director general for economic and financial affairs of the European Commission. He is now the managing director of the European Stability Mechanism (ESM) and also ran its predecessor organization, the European Financial Stability Facility (EFSF). Regling, who is an economist, has worked for the International Monetary Fund (IMF) and with the German Ministry of Finance. This “Lessons Learned” is based on an interview with Regling in March 2021.