European Stability Mechanism (ESM)

ESM HQ Luxembourg

Deadline for application: 27 July 2022

We are looking for an experienced economist to work in the Policy Strategy and Institutional Relations division and report to the head of the division. The selected candidate will be responsible for the review process for country monitoring and delivery of financial assistance as well as for the conduct of policy analysis related to ESM stability support instruments and mandate. Specifically, the successful candidate will review assessments of borrowers’ repayment capacity, macroeconomic and financial risks, as well as important financial assistance-related institutional recommendations, policies, and other documents. The selected candidate will also further develop and maintain review processes and policies.

The European Stability Mechanism (ESM) is the permanent crisis resolution mechanism for euro area countries. It provides financial assistance to Members facing financing difficulties. European leaders have agreed to an expanded mandate for the ESM, which it will implement in the years ahead. The ESM will have a stronger role in the analysis of financial stability risks and design of policy measures in programmes, jointly with the European Commission; it will provide the Single Resolution Board with a financial backstop to support effective and orderly resolution of banks. In the context of the current Covid-19 crisis, the ESM has established a precautionary credit line as one important element in the joint European response to the pandemic.

The ESM is a unique place to work with around 210 individuals from around the world committed to making a difference to the future of the euro area. It recruits talented professionals of any nationality from both the private and public sector.


  • Assess the consistency, even-handedness, and alignment with ESM policies of ESM economic and financial analyses.
  • Review documents that include ESM policy recommendations or conclusions related to country monitoring and financial assistance.
  • Enhance frameworks and analytical tools supporting the review process.
  • Analyse and review the ESM stability support instruments.
  • Analyse economic policy developments and produce high-quality analyses and research on topics related to the ESM’s role as a crisis resolution mechanism and the completion of Economic and Monetary Union.
  • Contribute to briefing notes and analyses to support management decisions.
  • Contribute to joint workstreams with European and international institutions.
  • Prepare documents for consideration by ESM boards and committees.
  • Collaborate closely with colleagues in other divisions and departments.
  • Support ESM’s interactions with policymakers and peer organisations, in particular with the European Commission, the European Central Bank, and the International Monetary Fund.


  • PhD or Master’s degree in economics or finance
  • At least five years of experience in an economist role . For PhD holders, up to two years of relevant research work performed in the context of PhD studies can be considered as relevant work experience
  • Excellent knowledge of macroeconomics, including quantitative skills
  • Prior experience in a role analysing and reviewing sovereign lending programmes, financial stability support instruments, or participation in country programmes and surveillance would be a strong asset
  • IT literacy
  • Excellent oral and written English skills. Any additional languages are an asset.


  • Strong analytical and problem-solving skills
  • Critical and strategic thinking
  • Communication and interpersonal skills
  • Ability to translate complex and technical topics into a concise policy line.
  • Teamwork and collaboration oriented
  • Resilience, flexibility, and adaptability to changes
  • Developing self and others
  • Inclusive and respectful of diversity

Contract duration: Four-year fixed term contract, with possibility of extension

Note 1: the ESM reserves the right to refrain from hiring, or to slightly modify job responsibilities, as needed.

Note 2: As a result of the selection process, please note that you may be placed on a ‘reserve list’ valid for a duration of six months during which you might be considered for a similar position with a similar level of requirements. Only those candidates who have been notified will be placed on the ‘reserve list’. After this period, you will need to apply again for our vacancies to be considered for a different selection process.

The ESM aims to provide equal opportunity to all candidates irrespective of their gender, nationality, age, race, culture, education, religious beliefs, sexual orientation, or disability. To further enhance the diversity of our workforce, we particularly encourage women to apply.

Tags: country programmes, covid, economic policy, economist, financial assistance, financial stability, macroeconomics, public sector