Biography
Siegfried Ruhl is Hors Classe Adviser in the Directorate-General for Budget of the European
Commission since 1 December 2021. Since October 2020, he had been seconded by the European
Stability Mechanism (ESM) to the European Commission. In his role, he supported the
operationalisation of the NextGenerationEU borrowing programme and continues to support its day-to-day operations, in addition to the global borrowing and lending work of the European
Commission.
In the ESM, Siegfried was Head of Funding & Investor Relations and responsible for the
management of €300 billion of outstanding debt with a more than €80 billion funding programmes
in bonds and bills for both ESM and European Financial Stability Facility (EFSF). He was also in
charge of the management of related derivatives transactions. Additionally he managed the
communication and relationship with more than 1,700 investors.
Siegfried Ruhl officially joined the ESM in January 2013 but he was already heading the division
that established the funding programme for EFSF at the Bundesrepublik Deutschland
Finanzagentur, which was initially responsible for the issuance of EFSF bonds and bills.
Previously, he worked in the trading and issuing business of the Bundesrepublik Deutschland
Finanzagentur for 11 years. He also worked for the Deutsche Bundesbank for six years, where he
started his career in financial markets as a trader at the Frankfurt Stock Exchange.
Siegfried Ruhl graduated in Business Administration from the University of Applied Science in
Hachenburg, Germany.