PhD Traineeships in Macroprudential Policy and Financial Stability at European Central Bank

You will be part of the Directorate General Macroprudential Policy and Financial Stability. Our Directorate General has approximately 100 staff members providing analyses and policy advice on issues relating to financial stability, financial regulation and macroprudential policy. In particular, we identify and measure systemic risks, and assess the impact of regulations and macroprudential measures. We work on policy strategy and coordination, as well as the challenges facing the banking and non-banking sectors. Our Directorate General is currently also working on a financial system-wide assessment of risks and vulnerabilities resulting from the coronavirus (COVID-19) pandemic. We are looking for PhD trainees in the Macroprudential Policy Division, the Systemic Risk and Financial Institutions Division, the Market-based Finance Division, and the Financial Regulation and Policy Division.

In the area of macroprudential policy, we identify and monitor systemic risks at the country level to inform the potential activation of macroprudential tools. In addition, we design, assess and propose macroprudential policy measures in countries participating in European banking supervision and evaluate their impact ex post.

In the area of systemic risk and financial institutions, we analyse developments in the banking sector and the broader financial system in the euro area from a systemic risk perspective. We coordinate the production of the Financial Stability Review. We also assess and propose structural macroprudential policy measures for systemic banks.

In the area of market-based finance, we assess systemic risks arising from the activities and behaviours of non-bank financial intermediaries and market participants. We also monitor and assess financial stability risks in financial markets and coordinate the market intelligence activities of the Directorate General.

In the area of financial regulation, we analyse policy issues relating to financial regulation from a financial stability and financial integration perspective. We conduct impact analysis on regulatory developments to assess the effectiveness of adopted or proposed reforms from a macroprudential perspective. We also contribute to European and international discussions on regulatory and supervisory issues.

In your role as a PhD trainee, you will be part of a team with approximately 20 members of staff responsible for policy-relevant analysis, model development and coordination of the ECB's views on the issues outlined above. You will work closely with one or two experts, contributing to projects that are of relevance to the division to which you are assigned.