Non resident scholars

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Alexander Lehmann

Non resident fellow

Expertise: international finance, financial regulation, trade policies and regulation of FDI, pension systems

Alexander Lehmann joined Bruegel as a visiting Fellow in October 2016. Until then Alex was the lead economist with the European Bank for Reconstruction and Development (EBRD) where he headed the strategy and economics unit for central Europe and Baltic countries, most recently based in the bank’s regional office in Warsaw.

Previously Alex Lehmann was with the Policy Review Department of the International Monetary Fund in Washington, acted as consultant for the World Trade Organisation and the central Bank of Mexico, and worked in research and teaching positions at the Royal Institute of International Affairs (Chatham House) and the London School of Economics. He holds a graduate degree in economics from the London School of Economics and a PhD in economics from Oxford University.

Contact information

alexander.lehmann@bruegel.org

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Policy Contribution

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Tackling Europe’s crisis legacy: a comprehensive strategy for bad loans and debt restructuring

Years after the start of the financial crisis, non-performing loans and private debt remains an obstacle to the recovery of bank credit and investment.

By: Maria Demertzis and Alexander Lehmann Topic: Finance & Financial Regulation Date: April 21, 2017
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Policy Contribution

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Carving out legacy assets: a successful tool for bank restructuring?

Separating ‘legacy assets’ from banks’ core business is central to the rehabilitation of Europe’s banking system. How can Europe progress in its ongoing effort to rid the financial system of legacy assets, and equip it with renewed growth?

By: Alexander Lehmann Topic: European Parliament, Finance & Financial Regulation, Testimonies Date: March 21, 2017
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External Publication

PC 09 2017 EP coverEuropean Parliament

Carving out legacy assets: a successful tool for bank restructuring?

Separating ‘legacy assets’ from banks’ core business is central to the rehabilitation of Europe’s banking system. How can Europe progress in its ongoing effort to rid the financial system of legacy assets, and equip it with renewed growth?

By: Alexander Lehmann Topic: European Parliament, Finance & Financial Regulation, Testimonies Date: March 17, 2017
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Blog Post

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Bruegel conference discusses strategies to tackle Europe’s NPL crisis

Bad loans and private sector debt distress are widely acknowledged to hold back investment and growth in Europe. It was good, then, to hear ECB Vice-President Vítor Constâncio call for a comprehensive strategy to address the non-performing loans problem at an event hosted by Bruegel last week.

By: Maria Demertzis and Alexander Lehmann Topic: Finance & Financial Regulation Date: February 7, 2017
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Blog Post

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Will better insolvency standards help Europe’s debt deleveraging?

Insolvency regimes in the euro area are on the whole costly, lengthy, and recover little value. A new directive proposed by the Commission sensibly aims to strengthen preventive restructuring and to give once-failed entrepreneurs a second chance. But to assist banks in their NPL workout judicial capacity will need to be built up, and regimes better tailored to SMEs will be necessary.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: January 23, 2017
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Blog Post

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Can public support help Europe build distressed asset markets?

Distressed asset investors can relieve banks of their NPL overhang and offer valuable restructuring expertise, although banks will need to realise a further valuation loss. Regulators could do a lot to support the growth of this market.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: November 29, 2016
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Blog Post

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Credit recovery in Spain: NPL resolution was essential, but success depended on broader sector reform

Growth in Spain again exceeded expectations this year, and bank deleveraging appears to have reached an end. Addressing non-performing loans was a precondition for recovery, and it required comprehensive financial sector reform.

By: Alexander Lehmann Topic: European Macroeconomics & Governance Date: November 21, 2016
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Blog Post

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Private sector debt matters, and better data means better policy

Private debt is emerging as a central concern in EU policy. However, the Commission’s regular country reports still give more attention to sovereign than private debt – even though there is always a risk that private liabilities will be socialised. Consistent and more detailed indicators of private debt distress could offer a more effective input to policy.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: October 27, 2016
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Blog Post

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ECB bank supervision cannot tackle debt restructuring single-handedly

The European Central Bank has begun to tackle a key symptom of banking sector fragility with its proposed guidelines on banks’ management of non-performing loans (NPLs). But detailed targets for the reduction of NPLs and prescriptions for the internal governance and management of distressed assets also represent a new style of more intrusive supervision. For the ECB to succeed in bank rehabilitation, a macroeconomic scenario should guide the deleveraging process, capacity needs to be built, and governments will need to support a more holistic restructuring effort.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: October 13, 2016
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