Yale-Educated Economist Takes Key European Post

FRANKFURT, Germany (AP) — A U.S.-educated economist has been named to a high-ranking position at the European Central Bank.

The ECB said Thursday that Frank Smets, 53, was appointed to the post of director general for economics, or the top staff economist.

He reports to Peter Praet, the member of the bank’s six-member executive board responsible for economics and preparing decisions on monetary policy for submission to the governing council.

Smets, a Belgian national, has a Ph.D. from Yale University. He has been with the ECB for 18 years and previously served as an advisor to the bank’s president and as head of research.

Smets succeeds Wolfgang Schill, who retires after 12 years in the role.