Philip Lane, Member of the Executive Board of the European Central Bank, Visited Our University

Philip Lane, member of the Executive Board and Chief Economist of the European Central Bank /ECB/, was a guest at the UNWE. During his visit, he met with the Rector Prof. Dr. Dimitar Dimitrov. The meeting was attended by Assoc. Prof. Dr. Yanko Hristozov, Vice-Rector for International Affairs, Ilia Lingorsky and Lyubomir Karimansky, members of the Governing Council of the Bulgarian National Bank.

Iliya Lingorsky, Prof. Dimitar Dimitrov, Philip Lane, Lyubomir Karimansky, Assoc. Prof. Yanko Hristozov /from the left to the right/

During the conversation, they discussed the role of universities in Bulgaria's accession to the Eurozone, the preparation of highly qualified professionals for the banking and public sectors as well as the opportunities for cooperation with the ECB and the European institutions.

Philip Lane emphasized on the importance of academic partnerships and career opportunities for young people: "I always visit the best universities and I have heard that the UNWE is one of them". He pointed out that the ECB hires between 500 and 600 interns annually for one-year positions immediately after they complete their higher education - an opportunity that is extremely valuable for the professional development of the young specialist. Lane also added that the opportunities for career development provided by the ECB are not limited to economics, but also expand to computer science, law - especially in the context of the development of the digital euro and translational work.

Regarding the joining the euro area, Philip Lane outlined that the curricula should be adapted - with less focus on currency boards and more in-depth study of the functioning of the Monetary Union. He also highlighted the importance of digitization in the public sector as well as the Schuman Programme which promotes the exchange of researchers between the Central Banks.

Prof. Dimitar Dimitrov presented the active role of UNWE in the process of European integration: "The UNWE is actively involved in the communication campaign for the adoption of the euro through conferences and a number of initiatives. Most bankers in Bulgaria are graduates of our university and support this process". He also proposed cooperation in the preparation of journalists and media specialists so that they can deepen their knowledge of monetary policy and the activities of the ECB. The Rector noted that about 20% of UNWE students go into finance and banking, but the University also prepares specialists in public administration, international relations, and law. According to the official data, 58% of graduates over the past five years have found employment in their field of study. Prof. Dimitrov also highlighted the UNWE's participation in the European alliance ENGAGE.EU which aims to enable the students to obtain a joint diploma from ten universities in the consortium in the future.

Lyubomir Karimansky emphasized on the importance of the financial literacy: "We need to improve the financial literacy not only in Bulgaria but also in the Balkan region. The UNWE has a key role to play in implementing the national strategy in this direction". He added that the innovation, productivity and reforms in the energy and public sectors are essential for sustainable development with trust remaining the foundation of both the banking system and the public sector.

Iliya Lingorsky outlined the importance of transparent communication in the process of transition to the euro: "Curiosity and timely, transparent information are the best way to alleviate fears and tensions in society". According to him, the Bulgarian talents hold prestigious positions in international institutions - over 100 Bulgarians work at the ECB while others are part of Harvard Business School and the Federal Reserve Bank of New York. He gave the example of Anton Antonov, Chief Economist at the ECB, who developed a new model for inflation.

Assoc. Prof. Yanko Hristozov presented the international activities of UNWE and the opportunities for mobility. "The University has over 250 partnerships with European and global universities under the Erasmus+ Programme. This year we set a record – 120 of our students participate in mobility programmes which shows the growing interest in the international exchange".

During his visit, Philip Lane also met with first-year students of speciality Finance and speciality Accounting. The event provoked great interest and provided a valuable opportunity for direct dialogue between the future economists and one of the leading representatives of the European Central Bank.

The guest was introduced by Assoc. Prof. Yanko Hristozov, who presented Philip Lane's professional and academic career as Chief Economist and Member of the Executive Board of the ECB. Assoc. Prof. Hristozov emphasized the importance of European institutions for the economic stability and development of member states as well as the role of UNWE as part of the active European academic dialogue. He encouraged the students to take advantage of the international opportunities provided by the University and to seek professional realization in European institutions.

In his presentation to students, Philip Lane spoke about the ECB's role in maintaining the price stability, the challenges facing monetary policy in the context of global economic turmoil, and the future of the euro area. He paid special attention to the development of the digital euro and the importance of well-trained young professionals in the fields of finance, economics, law and information technology. Lane encouraged students to think in a European context and to be active participants in the processes of economic integration.

At the end of the lecture there was a lively and substantive discussion with the students who asked questions on key topics on the economic and geopolitical agenda.

Among the highlights were the effects of Bulgaria's accession to the Eurozone and the possible impact on inflation and incomes, Europe's position and competitive advantages vis-à-vis the US and China, as well as its future geopolitical orientation. The students also showed interest in the digital euro project, its potential impact on the crypto sector and the use of artificial intelligence in the European Central Bank's activities.

The discussion showed the high level of engagement of the first-year students and their deep interest in the development of the European economy and financial policies.

Philip Lane's visit to the UNWE confirmed the University's importance as a leading academic institution in the field of economics, finance and public policy, and as an active partner in the European dialogue on the future of the Eurozone and Bulgaria's economic development.