Philippe Maystadt
Encyclopedia
Philippe M.P.J. Maystadt (born 14 March 1948, Petit-Rechain) is a Belgian
politician
who served as Minister for Economic Affairs, Minister of Finance, and Deputy Prime Minister. He is the current President of the European Investment Bank
(EIB). He was appointed to this office on 1 January 2000.
Philippe Maystadt was born in Verviers (Belgium) in 1948. He obtained a PhD in Law at the Catholic University of Louvain and gained a Master of Arts in public administration at Claremont Graduate School
, Los Angeles
, USA. He is a part-time professor at the Law Faculty of the Catholic University of Louvain.
Mr Maystadt started his career as assistant professor at the Catholic University of Louvain in Belgium. In 1977, he became a Member of the House of Representatives and was appointed Secretary of State for the Walloon Region in 1979. Between 1980 and 1988 he was successively Minister for the Civil Service and Scientific Policy, Minister for Budgetary Affairs, Scientific Policy and Planning and Minister for Economic Affairs. From 1988 to 1998, he served as Minister of Finance and was awarded, in 1990, the title "Finance Minister of the Year" by Euromoney magazine. Philippe Maystadt served twice as Deputy Prime Minister (1986-1988 and 1995-1998). Mr Maystadt has chaired meetings of the G-10 Ministers of Finance, the EU Council of Ministers for Economic and Financial Affairs, the Board of Governors of the EBRD and, for an exceptionally long term of five years, the Interim Committee of the International Monetary Fund. Mr Maystadt’s mandate as President of the EIB was renewed in 2006 for a period of six years.
His other past and present appointments include:
He supervised the entrance of Belgium
in the Euro zone.
Seeking election as the President of the Christian Social Party
, Maystadt's resignation as Deputy Prime Minister, Minister of Finance and Minister of Foreign Trade was announced on 19 June 1998.
During his last term as Minister of Finance, Maystadt came under heavy criticism after it was revealed that under his responsibility the Belgian State had lost up to 571 million euros in high-risk speculative investments . This affair marked the end of his political career in Belgium.
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
politician
Politician
A politician, political leader, or political figure is an individual who is involved in influencing public policy and decision making...
who served as Minister for Economic Affairs, Minister of Finance, and Deputy Prime Minister. He is the current President of the European Investment Bank
European Investment Bank
The European Investment Bank is the European Union's long-term lending institution established in 1958 under the Treaty of Rome. A policy-driven bank, the EIB supports the EU’s priority objectives, especially European integration and the development of economically weak regions...
(EIB). He was appointed to this office on 1 January 2000.
Philippe Maystadt was born in Verviers (Belgium) in 1948. He obtained a PhD in Law at the Catholic University of Louvain and gained a Master of Arts in public administration at Claremont Graduate School
Claremont Graduate University
Claremont Graduate University is a private, all-graduate research university located in Claremont, California, a city east of downtown Los Angeles...
, Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
, USA. He is a part-time professor at the Law Faculty of the Catholic University of Louvain.
Mr Maystadt started his career as assistant professor at the Catholic University of Louvain in Belgium. In 1977, he became a Member of the House of Representatives and was appointed Secretary of State for the Walloon Region in 1979. Between 1980 and 1988 he was successively Minister for the Civil Service and Scientific Policy, Minister for Budgetary Affairs, Scientific Policy and Planning and Minister for Economic Affairs. From 1988 to 1998, he served as Minister of Finance and was awarded, in 1990, the title "Finance Minister of the Year" by Euromoney magazine. Philippe Maystadt served twice as Deputy Prime Minister (1986-1988 and 1995-1998). Mr Maystadt has chaired meetings of the G-10 Ministers of Finance, the EU Council of Ministers for Economic and Financial Affairs, the Board of Governors of the EBRD and, for an exceptionally long term of five years, the Interim Committee of the International Monetary Fund. Mr Maystadt’s mandate as President of the EIB was renewed in 2006 for a period of six years.
His other past and present appointments include:
- Governor of European Bank for Reconstruction and DevelopmentEuropean Bank for Reconstruction and DevelopmentFounded in 1991, the European Bank for Reconstruction and Development uses the tools of investment to help build market economies and democracies in 30 countries from central Europe to central Asia. Its mission was to support the formerly communist countries in the process of establishing their...
(EBRD) - Professor at Université catholique de LouvainUniversité catholique de LouvainThe Université catholique de Louvain, sometimes known, especially in Belgium, as UCL, is Belgium's largest French-speaking university. It is located in Louvain-la-Neuve and in Brussels...
(Louvain-la-Neuve) (since 1989) - Belgian Minister of Finance (1988–1998)
- Minister for Economic Affairs (1985–1988)
- Minister for the Budget, Scientific Policy and Planning (1981–1985)
He supervised the entrance of Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
in the Euro zone.
Seeking election as the President of the Christian Social Party
Christian Social Party (Belgium)
The Christian Social Party is a party operating in the German-speaking community of Belgium. Its President is Mathieu Grosch.In the 2004 European Parliament election, standing as Christlich-Soziale Partei - Europäische Volkspartei, the party gained the single seat allocated by Belgian law to the...
, Maystadt's resignation as Deputy Prime Minister, Minister of Finance and Minister of Foreign Trade was announced on 19 June 1998.
During his last term as Minister of Finance, Maystadt came under heavy criticism after it was revealed that under his responsibility the Belgian State had lost up to 571 million euros in high-risk speculative investments . This affair marked the end of his political career in Belgium.