Natacha Valla

Deputy Director General for Monetary Policy at European Central Bank

Natacha Valla is the Deputy Director General for Monetary Policy at the European Central Bank. She also teaches at NYU AD and is a board member of SUERF (European Money and Finance Forum).Her research interests include investment, international macro and finance, monetary policy, financial macroeconomics and applied macroeconomics. She recurrently appears in national and international media.Prior to that, she was Head of the Policy Strategy Division at the European Investment Bank (2016-2018), and Deputy Director of CEPII (2014-2016), the main French think tank in International Economics, where she also headed the scientific programme International Macroeconomics and Finance. She was also a member of the Commission Economique de la Nation and the Conseil d'Analyse Economique, as well as of the Societe d'Economie Politique. Before joining CEPII, Natacha Valla was Executive Director at Goldman Sachs Global Economic Research (2008-2014), where her focus was on financial economics and macroeconomic developments in the euro area, France and Italy. Natacha worked at the European Central Bank (2001-2008) on the monetary policy stance and aspects of policy implementation in money markets. In 2005, she was seconded at the Research Directorate of the Banque de France in Paris.Earlier on, she has been a consultant for the IMF and the OECD, and taught at the Universities of Florence, Paris-Dauphine, H.E.C. and Sciences-Po. She received a PhD in Economics from the European University Institute (Florence) in 2003 on Learning and distribution in monetary economics dealing with income distribution and learning models applied to monetary economics. She has written articles and contributed to collective works on monetary policy, applied auctions theory, banking and financial markets, monetary policy making and implementation, as well as real interested rate measures and international capital flows.