Michel M. Stubbe is Head of the Financial Operations Services Division within the Directorate General Market Operations of the European Central Bank since 1 September 2011. He was Head of the Market Operations Analysis Division within the same Directorate General from 1 October 2006 to 30 September 2011. In his role, Michel acquired expertise on the settlement and post trade aspects of the Eurosystem’s monetary policy implementation and its investment operations. He takes also an interest in the implications of the general development of settlement and post-trade practices for the monetary policy transmission mechanism and financial stability. He follows the regulatory financial reform and the structural developments (e.g. going live of T2S) that affect the functioning of the European financial markets and may be of relevance for the Eurosystem’s central bank operations, financial services and investment business. Michel’s previous assignments include the positions of Head of the Monetary, Financial Institutions and Markets Statistics Division of the ECB, Head of Section in the European Monetary Institute, and in the late 80s – early 90s professional member of the permanent secretariat of the Committee of Governors of the Central Banks of the Member States of the European Economic Community in Basle. Before that he worked a few years at the European Commission. Michel holds a PhD (Doctorat d’Etat en Sciences Economiques) from the Pierre Mendès France University in Grenoble (France, 1986). He graduated in Economics at Ghent University (Belgium, 1981) and is a Bachelor of Philosophy (1980) of the same University.