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= Sabine Mauderer =

Sabine Mauderer (born 1970) serves as member of the Executive Board of the Deutsche Bundesbank. She is a member of the Steering Committee of the Network for Greening the Financial System. Previously, she worked at the KfW Banking Group where she held different senior positions.

Education and early career
Mauderer studied Law at Osnabrueck University and the University of Seville, graduating in 1998. In 2000, she earned a PhD in Law from Osnabrueck University. In 2009, Mauderer obtained an Executive MBA from ESSEC Business School and Mannheim Business School. Mauderer started her career in 2000 as legal trainee at the Higher Regional Court of Hamburg. From 2003 until 2006, she worked at the German Federal Ministry of Finance on financial markets. From 2004 to 2005, Mauderer was seconded to the German Embassy in Washington, D.C. as senior counsellor. In 2006, Mauderer joined the KfW Banking Group where she held several senior positions. In 2018, she was appointed to the Executive Board of the Deutsche Bundesbank where she is in charge of market operations and human resources.[i]

Work at the Bundesbank (since 2018)
Mauderer is responsible for the implementation of the Eurosystem’s monetary policy in Germany by the Deutsche Bundesbank. This includes main and longer-term refinancing operations whereby banks are provided with liquidity as well as conducting the Eurosystem’s asset purchase programmes.

Capital markets
Mauderer is a member of the Stock Exchange Experts Commission (Börsensachverständigenkommission), an advisory body that counsels the Federal Ministry of Finance on capital market issues. She has taken the view that the capital markets hold great potential for contributing to addressing societal challenges such as the digital and ecological transition. Mauderer has argued that these challenges will entail fundamental transformations to economies and societies worldwide. Meeting these challenges will require great financial efforts from both the public and the private sector.[ii] [iii] In this context, Mauderer has made the case for more openness in Germany and Europe towards capital markets.[iv] More openness towards capital markets investment could help deepen capital markets in Germany and Europe. Deeper capital markets in turn are better positioned to fund innovative technologies that are necessary to drive forward the digital and sustainable transformation.[v] In this context, Mauderer has also stressed the importance of a fully-fledged European capital markets union.

Climate change and central banks
Sabine Mauderer has argued that climate change poses financial risks to the financial system and thus affects the work of central banks. Therefore, central banks need to address climate-related risks, taking a risk-based-approach.[vii] She views central banks as catalysts and analytical spearhead that raise the urgency to act.[viii] Mauderer is member of the steering committee of the Network for Greening the Financial System. She also chairs the network’s workstream on scaling up green finance. The workstream looks at how central banks can support the scaling up of green finance. The NGFS has published several reports that analyse the impact of climate change on monetary policy and that lay out options for central banks to adjust their monetary policy frameworks.[ix] [x] Mauderer has taken the view that the lack of granular and consistent climate-related data is a major obstacle to targeted action. She has called for the creation of a “sustainable finance data universe”.[xi] In this context, Mauderer has also emphasised the importance of making progress on establishing common standards for the disclosure of climate-related information by companies and financial institutions as well as central banks.[xii]

Other activities (selection)
Stock Exchange Experts Commission of the Federal Ministry of Finance (Member)

Steering Committee of the Central banks and Supervisors Network for Greening the Financial System (NGFS) (Member)

Leibniz Institute for Financial Research SAFE (Member of the Board of Trustees)

Deutsche Welthungerhilfe (Member of the Board of Trustees)

European Climate Foundation (Member of the Advisory Council)