Refounding, reforming or strengthening the European Union. A fresh vision for the future of Europe.

Christian Noyer and Eduardo Aguilar

The Rafael del Pino Foundation organised, on 13 June 2017 at 7pm, the dialogue entitled "Refounding, reforming or strengthening the European Union. A new vision on the future of Europe" featuring Christian Noyer, former Governor of the Bank of France and Eduardo Aguilar, Director of Capital Radio Economía.

Christian Noyer studied law in Rennes and Paris and later graduated from the Institut d'Études Politiques and the École Nationale d'Administration, which nurtures the ranks of the French public and business administration. His professional career began in 1976, when he joined the Treasury within the French Ministry of Economy and Finance, where he held various positions related to debt management, regulation of the financial industry and management of public enterprises. In the 1990s, he was Director of the Treasury and Cabinet Director to Finance Ministers Edmond Alphandéry and Jean Arthuis, a member of the EU Monetary Committee, and served as "alternate" Finance Minister at the OECD, the G-7 and the G-10. As Director of the Treasury, he was also President of the Paris Club. In 1998 he was appointed Vice-President of the newly established European Central Bank. In 2003, he succeeded Jean-Claude Trichet as Governor of the Bank of France, a position he held until 2015. He has been Vice-Chairman of the Executive Board of the European Central Bank and Chairman of the Governing Council of the International Bank for Settlements in Basel. Christian Noyer is one of the most respected and veteran central bankers and has a wealth of experience in the management of monetary policy, as well as in banking and financial regulation and supervision. He has been involved, at the forefront, in the
treatment and resolution of the financial crisis that began in 2007 and the subsequent European sovereign debt crisis.

Eduardo Aguilar holds a degree in economics from the Complutense University of Madrid and has been a Commercial Technician and State Economist since 1984. He has worked in the Spanish Administration for more than 15 years and held important responsibilities in the Spanish Treasury, and participated in the negotiations for Spain's entry into the Economic and Monetary Union. He has also been Director General of Insurance at the Ministry of Economy and Financial Director at the first National Energy Commission.
Since 1997 he has worked as Managing Director of BNP Paribas Business Banking, responsible for the bank's strategy in relation to important clients, both corporate and Financial Institutions in Spain.
He has served on the Boards of Directors of major public and private companies. He is currently an independent director of BMN and OMEL, the Electricity Market Operator. He is a member of the Board of Capital Radio and a regular contributor to Capital Radio and the newspaper Expansión.


On 13 June 2017, the Rafael del Pino Foundation organised a dialogue with Christian Noyer, honorary governor of the Bank of France, on the future of the European Union. Noyer indicated that the EU faces two fundamental issues. On the one hand, it has to deal with Brexit, which can be perceived as a setback in the process of European construction. On the other hand, there have been unexpected developments in the political area, such as the development of populism, which call into question the European Union itself. However, with the EU we have created something that is fantastic. The concept of starting with the economy, then adding new areas and arriving at union has been a huge success because the two fundamental objectives that were pursued - peace and prosperity - have been achieved. The problem arose because, over the last decades, the idea was conveyed that member states should not reform any further. In fact, no one wanted to reform since the euro came into force and they only wanted to coordinate economic policies and follow economic developments. However, although we have created many things, we need the will to continue the process. In this respect, the creation of the European Banking Union is a good sign. With regard to Brexit, it should be noted that there were two problems with the United Kingdom. First, there were many problems that could not be managed due to divergent structural situations between the United Kingdom and continental Europe, which also implied different conceptions. Now, the situation is clear and the long-term concepts are identical. All member states are committed to following the same lines. Secondly, the British were uncomfortable with the idea of moving towards some political integration. Now the picture has become clearer and the process of European integration is accelerating. Indeed, there is an opportunity to accelerate integration with countries such as Spain, France and Germany, sharing finances to make the European monetary union work in the long term. The main complication in relation to Brexit is that there is a lot to negotiate, there are many problems to solve in relation to trade and finance. With the development of global value chains, there is the potential for job and welfare losses, especially in the UK. In addition, it must be borne in mind that the single European market means a single regulation and a single European court. How can products be accepted in the single market if the rules and regulations are different? This means defining which British products and services can have free access and which cannot. Negotiating these things will take a long time, maybe five to seven years. In addition, we also need to renegotiate agreements with third parties, which are accepted by the World Trade Organisation, for example, the sheep quota agreement with New Zealand because 80% of imports were destined for the UK. On the second issue, the alternative to the EU is terrible. That is why, although we have been unable to reform, we must become more stable in the future and that can only be achieved by making the necessary reforms. The first ten years of the euro were extraordinary. The combination of the single market and monetary union has led banks to act in all countries. That is why in the eurozone we need a financial centre and institutions to manage crises. That is the raison d'être of the European Banking Union. Brexit confirms all this and is an advantage from this point of view. From there, banks will move where they think they need to move. London will not disappear, but it will no longer be the same. We have been able to build the European Banking Union very quickly, although we need to speed up the creation of a European deposit guarantee fund. It was a problem that the financial markets were integrated, but supervision was not. Regarding the Popular intervention, it is a success of that policy and the taxpayer will not have to pay any money. In Italy they should restructure their banks, because they can't go on as they have been doing.

The Rafael del Pino Foundation is not responsible for the comments, opinions or statements made by the people who participate in its activities and which are expressed as a result of their inalienable right to freedom of expression and under their sole responsibility. The contents included in the summary of this conference, written for the Rafael del Pino Foundation by Professor Emilio González, are the result of the debates held at the meeting held for this purpose at the Foundation and are the responsibility of the authors.

The Rafael del Pino Foundation is not responsible for any comments, opinions or statements made by third parties. In this respect, the FRP is not obliged to monitor the views expressed by such third parties who participate in its activities and which are expressed as a result of their inalienable right to freedom of expression and under their own responsibility. The contents included in the summary of this conference, written for the Rafael del Pino Foundation by Professor Emilio J. González, are the result of the discussions that took place during the conference organised for this purpose at the Foundation and are the sole responsibility of its authors.