Philippe Maystadt

Philippe M.P.J. Maystadt (14 March 1948 – 7 December 2017) was a Belgian politician who served as Minister for Economic Affairs, Minister of Finance, and Deputy Prime Minister. He was President of the European Investment Bank (EIB) from 2000 to 2011.[1]

Philippe Maystadt
Personal details
Born
Philippe M.P.J. Maystadt

(1948-03-14)14 March 1948
Petit-Rechain, Belgium
Died7 December 2017(2017-12-07) (aged 69)
Political partyHumanist Democratic Centre
Alma materCatholic University of Leuven
Claremont Graduate University

Personal life and studies

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 was a part-time professor at the Law Faculty of the Catholic University of Louvain. Maystadt died on 7 December 2017 aged 69 years.

Career

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). 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. 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.[2]

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.[3][4] This affair marked the end of his political career in Belgium.[5]

Maystadt unexpectedly died on 7 December 2017 from a respiratory disease.[6]

Honours

Foreign honours
Civic offices
Preceded by
Brian Unwin		 President of the European Investment Bank
2001–2011		 Succeeded by
Werner Hoyer

References
  1. Ian Wishart, 'Hoyer named EIB president', 21 December 2011, in European Voice.
  2. "Belgian finance minister resigns to become party president". Brussels: RTBF Radio 1 (nl.newsbank.com). 19 June 1998.
  3. Jef van Gerwen, Danny Cassimon, 'Financial ethics and the use of derivatives in foreign debt management. The case of the Belgian "Maystadt-swaps"’, in Explorations in financial ethics, Peeters Publishers, Leuven, 2000, p.153-172.
  4. "Belgische staat verloor 571 miljoen aan speculaties op geldmarkten", DeMorgen.be, 11 August 2007, accessed 14 August 2011.
  5. "EMU believer", EuropeanVoice.com, 8 January 1998, accessed 14 August 2011.
  6. Gewezen minister van Financiën overleden
  7. Italian Presidency website, S.E. Philippe MAYSTADT - Cavaliere di Gran Croce Ordine al Merito della Repubblica Italiana
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