Arthur Saint-Guilhem
Head of the European Relations Division
The European Relations Division is responsible for ensuring and strengthening the substance, coherence, and influence of the Bank’s positions regarding the EU and EMU. It handles the coordination, preparation, and follow-up for meetings of the ECB Governing Council and other European bodies in which Bank officials participate (notably the EFC and ECOFIN). It is responsible for monitoring and analyzing institutional reforms. It conducts research on topics related to EU policies, European governance, the future of the EU, and economic and monetary integration. It contributes to the preparation of presentations, articles, and speeches for Bank officials. Finally, it monitors ongoing European dossiers and contributes to the formulation of the Bank’s positions on these matters
Current Position
Head of the European Relations Division
Previous Position
2023-2026 : Senior Adviser, Directorate for Monetary and Financial Studies, Bank of France
2011-2023 : Lead Economist, Directorate General Monetary Policy, European Central Bank
2008-2011 : Senior Economist, EU Countries Division, European Central Bank
2006-2008 : Economist, External Developments Division, European Central Bank
2003-2006 : Economist, International Studies, Banque de France
Diploma
National School for Statistics and Economics;
Master’s degree in Quantitative Macroeconomics from University Paris I Panthéon Sorbonne
Research Interest
Macroeconomics, Monetary Policy, International Finance
Contact
arthur.saint-guilhem@banque-france.fr
+33 (7)50151928
Banque de France, 49-1374 DGEI, 75049 Paris Cedex 01
Academic publications
Articles
“What drives euro area financial market developments? The role of US spillovers and global risk”, with L. Brandt, M. Schröder, and I. Van Robays, forthcoming in International Journal of Central Banking.
“Navigating the carbon price shock: Electricity costs and employment reallocation in Europe”, with G. Bijnens and J. Hutchinson, Utilities Policy, April 2026, Volume 99, 102144.
“An options-based impact study of the negative interest rate policy and forward guidance”, with M. Rostagno, C. Altavilla, G. Carboni, W. Lemke, and R. Motto, Journal of Monetary Economics, 2025, 152-103776.
“The role of the United States and its evolution over time: a Global VAR analysis”, with S. Dees, Empirical Economics, 2011, 41(3), pp. 573-591, also available in ECB Working Paper no 1034.
“Potential output growth in several industrialized countries: a comparison”, with C. Cahn, Empirical Economics, 2010, 39(1), pp. 139-165, also available in ECB Working Paper no 828.
“Issues on potential growth measurement and comparison: how structural is the production function approach?”, with C. Cahn, Federal Reserve Bank of Saint Louis Review, July/August 2009, 91(4), pp. 221-40.
Other articles
“Firm level heterogeneity and the impact of monetary policy on labour demand”, with G. Bijnens, J. Hutchinson, ECB Working Paper no 3240, May 2026.
“Combining negative rates, forward guidance and asset purchases: identification and impacts of the ECB’s unconventional policies”, with M. Rostagno, C. Altavilla, G. Carboni, W. Lemke, and R. Motto, ECB Working Paper no2564, June 2021.
“The interplay between green policy, electricity prices, financial constraints and jobs: firm-level evidence”, with G. Bijnens, J. Hutchinson, and J. Konings, ECB Working Paper no 2537, April 2021.
“A tale of two decades: The ECB’s monetary policy at 20”, with M. Rostagno, C. Altavilla, G. Carboni, W. Lemke, R. Motto, and J. Yiangou, ECB Working Paper no 2346, December 2019.
Other
“Monetary policy in times of crisis: a tale of two decades of the European Central Bank”, with M. Rostagno, C. Altavilla, G. Carboni, W. Lemke, R. Motto, and J. Yiangou, Oxford University Press, June 2021.
“The single monetary policy: 20 years of experience”, with P. Praet and J.-P. Vidal, in Proceedings of the ECB Forum of Central Banking on 20 years of European Economic and Monetary Union, June 2019.
“The ECB’s forward guidance”, with O. Vergote, ECB Monthly Bulletin, April 2014.
“Heterogeneity in euro area financial conditions and policy implications”, with G. Wolswijk, ECB Monthly Bulletin, August 2012.
Complément to the CAE’s report on “Les leviers de la croissance française”, P. Aghion, G. Cette, E. Cohen, and J. Pisani-Ferry, CAE report no 72, pp. 113–126 December 2007.
“Croissance potentielle : d’où viennent les écarts entre quelques grandes économies développées”, with C. Cahn, Bulletin de la Banque de France, no 155, November 2006.
“Scénarios d’ajustement du solde courant américain: une évaluation avec différentes calibrations de NiGEM”, with L. Potier, Bulletin de la Banque de France, no 153, September 2006.
“La persistance de l’inflation en France et dans la zone euro”, with O. de Bandt, H. Le Bihan, J. Matheron, Bulletin de la Banque de France, no 127, July 2004.
“Actualisation des évaluations de croissance potentielle et d’écarts de PIB”, with G. Cette, O. de Bandt, S. Garcia and J.-P. Villetelle, Bulletin de la Banque de France, no 116, August 2003.