Focus on 2024

Pierre Gramegna is the Managing Director of the European Stability Mechanism (ESM) since 1 December 2022 and CEO of the European Financial Stability Facility (EFSF) since 13 December 2022.

Mr Gramegna was Minister of Finance of the Grand-Duchy of Luxembourg and member of the ESM Board of Governors from December 2013 to January 2022.

In his eight years as Minister of Finance, Mr Gramegna rebalanced the national budget and ensured that Luxembourg fully complied with the EU Stability and Growth Pact. During his term, the country was rated triple AAA by all rating agencies.

Mr Gramegna also served as chairperson of the Ecofin Council in 2015 where he chaired the ministerial meetings and oversaw major directives on the automatic exchange of information and transparency.

In his capacity as Finance Minister, Mr Gramegna served as Governor to the International Monetary Fund and several multilateral development banks. In 2016, he was elected Chairman of the European Bank for Reconstruction and Development for one year.

In 2017, he set up the Luxembourg House of Financial Technology to promote fintech and the enhanced digitalisation of the financial centre.

Mr Gramegna is committed to issues related to climate change illustrated by his participation in the United Nations Climate Change Conference (COP 3 in Kyoto as spokesperson for the EU, COP 23 in Bonn and COP 25 in Madrid as finance minister) and initiatives taken in the field of sustainable finance, including the setting up of a climate finance platform with the European Investment Bank.

From September 2003 to December 2013, Mr Gramegna served as Director General of the Chamber of Commerce of Luxembourg. During that term, Mr Gramegna served for several years as Vice-President of Eurochambres and as Chairperson of Cargolux Airlines from 2004 to 2008 in addition to being a member of several boards, including the Luxembourg Stock Exchange and BGL BNP Paribas Luxembourg SA.

Mr Gramegna held a diplomatic career spanning from April 1983 to August 2003, holding various posts including:

Ambassador of Luxembourg in Japan, also accredited in South Korea, from 1996–2002;

Consul General of Luxembourg in San Francisco from 1993–1996;

Counsellor at the Embassy of Luxembourg in Paris from 1988–1992; and,

Secretary, First Secretary at the Ministry of Foreign Affairs of Luxembourg from 1983–1988.

Mr Gramegna studied Law and Economics at the University of Paris II (Pantheon-Assas) where he graduated with a degree (Maîtrise) in civil law in 1981 and a degree (licence) in economics in 1982.

He also holds a Master of Advanced Studies (DEA) in European Community Law and was awarded the title of Doctor Honoris Causa from the ESCP Business School in Paris and the Sacred Heart University of Luxembourg.

Izabella Kaminska is a senior editor for POLITICO.

Prior to working for POLITICO, Izabella was editor of the Financial Times’ Alphaville service and the founder editor of The Blind Spot. Izabella spent the first part of her career working at CNBC and Reuters where she gained expertise in central banking, finance and markets.

She grew up in London and holds an Ancient History degree from University College London, as well as a Journalism masters from the London College of Printing.

Nicolas Mackel is CEO of Luxembourg for Finance, the Agency for the Development of the Financial Centre, since July 2013.

Nicolas is a career diplomat. He has graduated with a law degree from the University of Aix-en-Provence, and holds two post-graduate diplomas in European law from the Sorbonne University, respectively the College of Europe in Bruges where he then also served as a teaching assistant in the Law Department. He worked as a legal clerk at the European Court of Justice before joining the Ministry of Foreign Affairs in 1999. His assignments focused on the successive EU Treaty negotiations (Amsterdam, Nice, Constitution, Lisbon).

Nicolas was consecutively posted at Luxembourg’s Permanent Representation to the EU (2002-07), as Deputy Chief of Mission at Luxembourg’s Embassy in Washington DC (2007-11) and as Consul General in Shanghai (2011-13) where he was in charge of promoting Luxembourg’s economic interests throughout China as the Executive Director of the Luxembourg Trade and Investment Office.

Karen Ward, Managing Director, is the Chief Market Strategist for EMEA at J.P. Morgan Asset Management.

Karen has considerable experience in both public policymaking, and economic and financial analysis. Before joining the team in 2017, she was Chair of the Council of Economic Advisers for the Chancellor of the Exchequer. In this role she advised the Chancellor on macroeconomic issues including fiscal strategy and Brexit.

Prior to this, she worked for a decade at HSBC’s investment bank in a number of roles, including Senior Global Economist where her work included “The World in 2050 – An Analysis of the Structural Changes Affecting the Global Economy and the Rise of the Emerging Economies.” She was Chief European Economist before leaving to work for the Chancellor in 2016. She started her career at the Bank of England providing supporting analysis for the Monetary Policy Committee.

Karen has a Masters with Distinction in Economics from University College London.