Sunday 25 February 2018

ECB advisor appointed chief economist at the Central Bank

Gabriel Fagan
Gabriel Fagan
Colm Kelpie

Colm Kelpie

A senior advisor with the European Central Bank (ECB) has been appointed chief economist with the Central Bank of Ireland.

Gabriel Fagan replaces Lars Frisell, who left in March to take up a job with the International Monetary Fund (IMF) in Mauritius. Mr Fagan will take up his position on October 1.

The 53-year-old previously worked for the Central Bank as an economist for seven years between 1985 and 1992.

The Dubliner has also lectured at both Goethe University in Frankfurt and at Trinity College Dublin, and has degrees in economics.

He has authored or co-authored several academic papers including one in the early 1990s looking at "Testing for a Speculative Bubble in Irish Land Prices." And he is near to completing a PhD at Trinity.

Central Bank Deputy Governor Stefan Gerlach said Mr Fagan will bring a significant degree of skill to the role.

"I am delighted to announce the appointment of Gabriel Fagan to the role of chief economist," Mr Gerlach said.

"Gabriel brings a significant level of experience and expertise to the role and I look forward to working closely with him."

Mr Fagan joins the Central Bank from the ECB, where he held a number of key roles, most recently as senior advisor in the Directorate-General Research since 2011.

He also previously headed up the Monetary Policy Research and Econometric Modelling divisions.

Before the establishment of the ECB he was head of the Monetary Strategy section in the European Monetary Institute.

Between 1992 and 1994 he worked as an economist in the Committee of Governors in Basel and prior to that he was an economist in the Central Bank.

He has written a number of papers for the ECB, including alongside former Portuguese finance minister Vitor Gaspar. He also undertook research in the early 1990s on the scale of the black economy in Ireland.

The post of chief economist was advertised globally after Mr Frisell's resignation was announced in November, with the closing date for applications in early December.

Mr Gerlach assumed Mr Frisell's responsibilities while the search for his replacement took place.

Duties as chief economist include managing the economics directorate, providing advice to senior management, and publicly presenting the Central Bank's views on economic issues.

He will be paid below the €200,000 public service pay cap, the Central Bank said.

Irish Independent

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