The Leading Independent Pan-European Research Team

Discussion Partners:		John Arrowsmith :: Dr Michael Clauss :: Allan Saunderson :: Eric Barande
Associate Partners:		Jacques Lafitte :: Graham Bishop :: Robin Marshall
		Marc de Scitivaux :: Miranda Xafa ::David Clark
Managing Director:		Richard Betts

John Arrowsmith,
Senior Partner

ECB Monetary Policy

arrowsmith@ezadvisors.com

John Arrowsmith, has been closely associated with the process of European monetary and financial market integration for almost twenty years; most recently (1999-2004) as the representative of and advisor to the UK government responsible for monitoring the ECB and briefing UK Treasury and Foreign Office. Having graduated from Oxford University, he joined the Bank of England as an economist in 1966, obtaining an MSc(Econ.) at the London School of economics in 1973. In 1985 he became the Bank's Senior Adviser on Western European and EU Affairs. In that capacity he also served as the Bank's Alternate Member on both the EU's Monetary Committee (now Economic and Financial Committee) and the Committee of EC Central Bank Governors and, subsequently, the Council of the European Monetary Institute. During that time he played a key role in the drafting of the economic and monetary articles of the Maastricht Treaty and the Statutes of the European Monetary Institute and European Central Bank, while also advising the Bank of England on the functioning of the Exchange Rate Mechanism.Leaving the Bank in 1995, John established and directed a research programme on European monetary and financial integration at the prestigious National Institute of Economic and Social Research in London and also acted as Specialist Adviser to the Treasury Committee of the House of Commons for its enquiry into Economic and Monetary Union.

In 1999 he was invited by the UK's Foreign Office to set up the post of Consul (Financial) in Frankfurt in order to monitor and to advise the UK Treasury, government departments, the Bank of England and the Financial Services Authority on the policies of the European Central Bank and structural developments in German financial markets.

After 4 1/2 years in Frankfurt, John is now back in London as an independent adviser and consultant, and also Visiting Fellow at the NIESR, John brings with him unparalleled knowledge of European monetary affairs and a wide range of personal contacts, at the highest levels and at working level, at the ECB, the Bundesbank and other key financial institutions in Frankfurt, which he will be maintaining through frequent visits there.

Dr Michael Clauss,
Senior Partner

European Politics

Germany, EU enlargement, Poland

clauss@ezadvisors.com

A German national, Dr. Michael Clauss is an independent analyst and advisor on European economy and market strategy. Dr Clauss brings to clients significant expertise on European economics and politics from working at a high level in both the sell-side and latterly the buy-side, as a senior advisor to Munchner Kapitalanlage. Prior to this he was a consultant for the EuroEconomics private advisory group, producing a weekly analysis on euro area economics and markets. For much of the 1990s Dr. Clauss was senior economist and subsequently Director of Economics for Credit Suisse First Boston in Frankfurt and London, responsible for analysis of core Europe including the Bundesbank and ECB.

Offering 11 years experience in European economics & politics, Dr. Clauss most recently set up a research team for G3 country and sector analysis, producing market strategies for fixed income and structured asset allocation. Dr. Clauss obtained his doctorate in economics from the University of Freiburg, and also studied at the Institut Francais in Aachen.

Allan Saunderson,
Associate Partner

ECB

saunderson@ezadvisors.com

Mr. Saunderson, is a founder of Eurozone Advisors. A former partner of The SG Money Research Company Ltd., he has worked in Frankfurt since 1990, specialising in the Bundesbank/German monetary policy, and now the European Central Bank/European monetary policy. He is one of the leading non-German specialists on the ECB. In the early 1990s, Mr. Saunderson was appointed Head of European Research for Bank Julius Baer in Frankfurt, becoming group specialist for European monetary policy and eastern Europe/ Russia. Prior to this he was a senior financial journalist with Reuters news agency in London and Frankfurt; in 1988 he was named Chief Financial Correspondent, France. In 1991 he was appointed by the late French Prime Minister Pierre Bérégovoy as an advisor to the Finance Ministry.

Eric Barande,
Associate Partner

France Economy

Barande@ezadvisors.com

M. Barande has been an independent strategist in economics and financial markets since 1995, advising senior official and private sector financial institutions and corporations. A French national, he holds a Masters Degree in Pure Mathematics from the University of Paris as well as diplomas in economics from ENSAE and from the Institute for Political Studies (Institut d'Etudes Politiques), where he specialised in International Economics. His started his career in the International Environment of the Forecasting Department (Direction de la Prévision) at the French Ministry of Economics & Finance, building and maintaining international macroeconomic models used as forecasting tools for setting government macro-economic policies and public sector budgets. In the late 1980s he worked as a market economist for a top-ranking Paris-based brokerage and went on to positions as an economist-strategist for proprietary trading units at Citibank Paris and Frankfurt (covering Continental Europe economies and financial markets), BIP Dresdner Bank, France, and Indosuez Carr Futures. M. Barande's has most recently focused on reports and oral presentations on the impact of global macro-policies, geopolitics and regional financial market trends on foreign exchange, monetary policies, fixed income, stocks and commodities.

		Jacques Lafitte, Associate Partner lafitte@ezadvisors.com
	Jacques Lafitte, based in Paris and Brussels, is an independent consultant and leading expert in the field of EU competition. After attending the Ecole Polytechnique and the ENSAE, where he graduated with highest honours, he worked for both the German and French Departments of Defence before joining the French Treasury in Paris where he was deputy head of the Treasury unit in charge of Government cash and debt management, with a personal focus on macroeconics and relations with foreign investors. In 1995, he joined the European Commission in Brussels and was a member of the cabinet of Yves-Thibault de Silguy, EU Commissioner for economic and monetary affairs, and was responsible for the euro and financial services. He is a founding partner and CEO of JHL Conseil (www.jhl.fr) with a field of expertise including competition, EU financing, financial services and aerospace/defence. For Eurozone Advisors M. Lafitte will focus on French politics and Brussels

	Robin Marshall, Associate Partner marshall@ezadvisors.com
	One of the City of London's most respected senior economists, Robin Marshall joined EZA as an associate partner in July 2003, bringing to clients a long experience in international economics and politics and a very successful track record in providing strategic investment advice to Hedge funds FX, Fixed Income and Equity trading groups. From 1985 to 2003 he was one of Chase Manhattan and latterly JP Morgan Chase's most senior economist analysts and offers almost unrivalled experience as an analyst of the last two economic cycles. After graduating with a first from Oxford University in 1976 and Mphil in 1978, Robin Marshall was a lecturer at the University of London before becoming UK Economist at Quilter Goodison in 1984 and International Economist at Chase in 1985. He quickly rose to become Chief Economist, Europe, Africa and Middle East in 1990, then Director of European Economic and Policy Research in 1997 and, following the Chase/JP Morgan merger in 2000 became a managing director. A senior figure guiding investment and trading strategy since the mid-1980s, Robin Marshall brings an enormous wealth of experience and expertise of European markets.

Graham Bishop,
Associate Partner

Bishop @ezadvisors.com

Graham Bishop founded GrahamBishop.com in July 2000 to provide independent analysis on European financial affairs and continues as Adviser on these topics to Salomon Smith Barney in London. His publications provide an informed commentary from the practical perspective of a market participant. Consequently, he is a member of the European Commission's Consultative Group on the Impact of the Introduction of the Euro on Capital Markets and is a Specialist Adviser to the Treasury Committee of the House of Commons on its EMU Enquiries. Several continuing themes have dominated his work during his near-30 year career in the City - starting with the technical nature of the financial system and building up to the political impact of modern markets.

He was: Chairman, the London Investment Banking Association (LIBA) Committee on converting London's capital markets to the single currency; Member of the European Commission's Strategy Group on Financial Services (1998) and Committee of Independent Experts on the preparation of the changeover to the single currency (the 'Maas' Committee 1994/5).

	Miranda Xafa, Associate Partner Xafa@ezadvisors.com
	Born in Athens, Miranda Xafa studied economics at the American College in Greece and the University of Pennsylvania in Philadelphia. After obtaining her Ph.D. (1980), she worked at the International Monetary Fund in Washington D.C. (1980-90), where she focused on the design and monitoring of stabilization programs, mainly in Latin America. From 1991 to 1993 she served as chief economic advisor under the conservative government of Prime Minister Constantin Mitsotakis in Athens. Following the change in government at end-1993, she joined Salomon Brothers in London, initially as currency strategist for emerging markets (1994-1999) and subsequently as an Athens-based market analyst covering global economic prospects (1999-2002). She has taught economics at the universities of Pennsylvania and Princeton, and has published articles and papers on international trade policy, the Latin American debt crisis, and European monetary unification.

		Marc de Scitivaux, Associate Partner descitivaux@ezadvisors.com
	M. de Scitivaux is Editor of the Paris-based The Green Notebooks of the Economy (Les Cahiers Verts de l'Économie), a partner company of Eurozone Advisors Ltd. A French national, M. de Scitivaux started the monthly Green Notebooks in 1988 and built it during the 1990s into one of the most respected, independent macro-economic research publications in France; it now counts the senior officers of most major French companies among subscribers. From 1988-96, M. de Scitivaux was Director General of asset management firm Cursitor-Cecogest, which managed $10bn mainly on behalf of US pension funds. During 1986-88, M. de Scitivaux was Head of Mission for Alain Madelin, Minister of Industry in the government of then-Prime Minister Jacques Chirac. He is a holder of France's highest honour, the Chevalier de la Légion d'Honneur.

David Clark,
Associate Partner,
UK Political Analyst

clark@ezadvisors.com

David Clark is an independent political analyst based in London. From June 1997 to May 2001 he was special advisor to Robin Cook and the UK Foreign and Commonwealth Office specialising in European Affairs. Prior to this he worked for the Labour Party in opposition covering foreign and defence policy.

		Richard Betts, Managing Director rbetts@ezadvisors.com
	Richard Betts joined Eurozone Advisors in January 2000 from Euromoney Institutional Investor plc and became Managing Director in December 2001. During ten years with Euromoney Institutional Investor he was responsible for all aspects of group renewal marketing and sales, and from 1998, the development and implementation of group strategy for Key Account clients with a particular focus on creating bespoke information /research solutions to meet the needs of major clients.